A Scottish property was left to an English benefactor following the death of his relative. The property needed extensive building work in order to sell, but the client struggled to obtain a bridging loan because the borrower needed to secure the loan over both the Scottish and his English property. Traditional lenders would not secure the loan in dual legal jurisdictions of Scotland and England.
Enter the BridgeCrowd
The BridgeCrowd are happy to lend against property throughout the UK, and not only that, they have two legal teams in both countries that worked together to get the deal done. Furthermore, the BridgeCrowd have the permissions to carry out Consumer Buy To Let (CBTL) mortgages, which meant that this client could proceed. The BridgeCrowd also dealt directly with the client, at the broker’s request, which allowed this bridging loan to be completed in just 15 days.
This happy client can now begin the works on his inherited property and achieve the higher sale price he requires.
Louis Alexander, pictured, MD, The BridgeCrowd said:
‘Our permissions to carry out consumer buy to let mortgages allow us to help a wider range of clients, and to give them a viable solution at an often challenging time. We also recognise that some lending requirements are cross-juristictional and were keen to offer a solution for this very early on. We have an excellent team of solicitors in both England and Scotland that work together to cross these boundaries so that we can provide a smooth process for our clients. There are not many lenders around that have all these strings to their bow. ’