August 30, 2016
At Enterprise Finance, we're often able to provide funds for complex situations that others may not be able to. We've prepared this short case study about our Second Charge Bridging Loans to highlight one of the ways in which we can help:
A mortgage broker introduced a client to Enterprise Finance. The client owned a flat in central London. The value of the property was £900,000, with a £320,000 mortgage.
The flat had a 22-year lease remaining. With an extended lease, the property value would be increased to £1.5m for which the client needed £300,000.
The client could not remortgage using another lender due to the short lease.
Enterprise Finance arranged a Second Charge Bridging Loan for £300,000 for two months. Once the extended lease was in place, a £620,000 re-mortgage was easily arranged against a property value of £1.5m.