Precise funds retirement move with £900,000 bridge

Precise has completed a £900,000 bridging loan to help clients secure their retirement home before selling their existing properties.

The clients had found an £800,000 property as part of a planned move from London to the Sussex countryside.

With interest from other potential buyers and their existing properties yet to be sold, they needed to move quickly to avoid losing the purchase.

The 12-month bridging loan was introduced by Ben Groves, managing director at Yomo Finance.

This was secured against the two mortgage-free properties owned by the clients, valued at £1.2m and £700,000. Both properties are Grade II listed and required physical valuations, although an AVM was used for the onward purchase.

The bridging loan has enabled the clients to purchase their new home outright, with the remaining £100,000 covering stamp duty, legal costs and cosmetic works.

Following the offer, the case was completed in 25 days.

The loan will be repaid through the sale of the clients’ existing properties.

“This case shows how bridging can help when clients have found the right property but need to complete before their existing properties have sold,” said Alan Kimber, head of bridging at Precise (pictured above).

“By taking both properties as security, we were able to structure the funding around their circumstances and provide the £900,000 they needed to complete the purchase and cover the additional costs."

Ben added: “The clients had found the home they wanted to retire to and were keen not to lose it while waiting for their existing properties to sell.

“Precise understood the time-sensitive nature of the purchase and worked closely with us throughout the case, giving the clients the flexibility to secure their new home and make the move from London to Sussex.”