A short term bridging loan from Credit and Mercantile could be the answer and enable you to buy that house at the price you want. Credit and Mercantile provided £900,000 within 3 days to complete the purchase of a property on the Cornish coast, with planning for residential and holiday accommodation.
If you are in a chain, you could find yourself in a situation where you need to complete your purchase, but the funds from your buyer are not available. Your vendor may threaten to accept another offer unless you complete at a certain date. Finance from Credit and Mercantile could bridge the gap. Credit and Mercantile provided 70% of the value of a non-enfranchisable prime Mayfair property with only 7 years remaining on the lease.
Or you may have a large garden or plot of land that would be suitable for building a further property. A bridging loan from Credit and Mercantile would allow you time to obtain planning permission and building finance. Credit and Mercantile recently provided £800,000 in 4 days to assist with the purchase of a building plot in St. John’s Wood and provide time for planning enhancements.
Good, quality properties are coming on to the market all the time, but are being quickly snapped up, often before the details are published. If a buyer doesn’t have the funds available, he can miss out. Credit and Mercantile can bridge the gap.
Opportunistic product providers can sometimes take advantage of situations like these, with the result that a bridging loan is often seen as the last resort. However, bridging finance is a large part of the property market and is a cost effective way of obtaining short term funding.
Credit and Mercantile will provide bridging finance and short-term loans from £50,000 to £5,000,000 from one week to 12 months, with attractive terms linked to bank base rate. Depending on the proposal, they will consider short-term loans outside this range.
Says Roy Winston, Chairman of Credit and Mercantile, “Clients get bridging loans when they really need them; times have changed - where bridging loans used to be a dirty word, now they are now part of everyday finance. We have over 20 years experience in property finance and can provide an immediate decision”.
