BRIDGING AND ALTERNATIVE LENDING OPTION
There are specialist lenders that offer financing outside of standard mortgages that most people don’t even know about, that are often only accessible through the most experienced brokers.
Cash can be borrowed for any legal reason as long as the loan can be secured against property – and there are numerous reasons why you should consider working with elite lenders. A bridging loan can allow an individual to buy a property before selling another (or finding another way to get cash fast to pay the tax bill). Another great choice is development finance, which allows investors to get the funding they need to take care of property works.
Bridging loan in Sydney central business district
- Property details
Located within Sydney central business district and nearby the cobbled streets of the rocks, the real estate was on a historic street with proximity to major infrastructure and entertainment venues.
- What did the client want?
The purchaser was stranded by the refusal of finance just days before the settlement date. Unfortunately, he was heading towards legal and financial trouble.
- Difficulties along the way
What happened, after submitting the application the lender was alerted by the lodgement of a hefty court judgement on the borrower’s credit file.
- Key points
There are several specialists bridging lenders out there, many of which can offer funding outside of the traditional mortgage, only available through the best finance brokers.
- What did we do?
We introduced a specialist lender that prides themselves on being efficient at quick settlements.
- The end results
The transaction settled one day after the scheduled date. Because we facilitated bridging finance increased costs were incurred, however the clients understood, and we refinanced them into standard mortgage terms after the court judgment was resolved.