BESPOKE / CREATIVE / FLEXIBLE
HOW CLIENTS HAVE BENEFITTED FROM OUR BRIDGING LOANS
At Tiger Financial, we’re focused on building strong relationships with our clients. Our professionalism, expert knowledge and outstanding customer service mean clients are assured of clear and concise deal analysis and a very fast turnaround. Our well-established network of lenders is complemented by an exclusive stable of private investors to ensure we secure flexible, bespoke and creative bridging loans, as quickly and cheaply as possible.
The case studies below show how we helped these clients successfully complete their property deals and generate substantial profits from their investments. Property developers and professional property investors choose us as their property finance broker when they need fast, flexible property bridging loans and development finance. Read on!
BIRMINGHAM BUY TO REFURBISH, THEN LET
Our client approached us with a Buy To Refurbish opportunity in Birmingham. This is a common enquiry for property investors who wish to take advantage of low-priced, run-down properties in good areas, with potential to be refurbished, to then increase the value, and let out as an ongoing property investment. As is often the case, if the property is uninhabitable, or doesn’t meet the affordability criteria of the lender, then mainstream finance is not an option. We provided the developer with a bridging loan and after refurbishment works, substantially increasing the value of the property, he was able to refinance with a standard buy to let mortgage based on the higher value.
PROPERTY AUCTION PURCHASE – OXFORD
A client recently approached us to securing a bridging loan to complete the purchase of a £675,000 property at auction, including the funds needed to complete the refurbishment – with interest and fees incorporated into the loan. A bridging loan facility was provided for 65% of the property value, allowing the investor to take advantage of this exciting and great value property investment. By taking out a bridging loan, the client also had time to complete the renovations to maximise his returns as after 6 months he sold the property, enabling him to repay the bridging loan and enjoy a substantial profit.
AN UNINHABITABLE PROPERTY IN BRISTOL
A developer approached us to discuss a residential refurbishment property valued at £550,000. The client was unable to secure a mortgage, due to the property requiring significant work for it to become habitable, and therefore unable to attract a mainstream mortgage. Within a two week period, we provided a 70% LTV facility for 4 months, with the interest and majority of fee payments rolled up into the loan. This allowed the client to purchase the property and carry out the works; and in doing so, increasing the value of the completed project. The developer then exited the bridging loan facility by refinancing the property on a normal commercial buy to let mortgage.
CONVERSION OF TWO APARTMENTS INTO A HOUSE
The client contacted us to arrange finance to purchase a former large Victorian house that had been converted into apartments in central Edinburgh. The client required funds, not only for the acquisition, but also the refurbishment works required to convert the units back into a high value, desirable family home. Through taking a first charge on both properties at 50% of the value of the completed project, the developer was then able to make the purchase and complete the project over a 6 month period. On completion, the bridging loan was taken out by a pre-arranged property sale.
MIXED USE PROPERTY INVESTMENT
The client wanted to purchase a mixed use property for £1.2m, comprising ground floor shop frontage, and a tired collection of residential units, that had fallen into disrepair. The borrower was unable to get mainstream finance to complete the purchase or conduct the refurbishment works. Through a first charge 65% LTV bridging finance facility with us, the developer was able to complete the purchase, and convert the project into 9 individual apartments over a 6 month term.
URGENT COMPLETION DUE TO MORTGAGE DECLINE
Our client had put down a deposit for an offplan buy to let in Manchester. He needed to purchase the unit in an agreed timescale, or risk losing his deposit. Due to a policy change by the chosen lender, they decided their exposure to this development exceeded their risk profile, so they declined the mortgage at the last minute, leaving the investor with no mortgage and a looming deadline. Within less than a week, we provided a bridging loan for 70% of the open market value, which allowed him to complete the purchase, and save his deposit. A three month facility gave the client time to source a buy to let mortgage to redeem the loan.