Client Profile:
Our clients, based in Cumbria, were in the process of selling their unencumbered smallholding farm, currently on the market for £1,250,000. They are looking to downsize and retire into a more manageable property closer to family.
The Objective:
They have identified a bungalow in Keswick and successfully had an offer of £595,000 accepted. To ensure a swift transaction and avoid losing the property, the clients approached Steel River to arrange a bridging loan to expedite the purchase.
Client Contribution:
- Personal savings available: £250,000
- Bridging finance required: £345,000
Our Solution
Loan Structure & Terms (Regulated Bridging Loan):
Following a comprehensive review of 7 lenders, we were pleased to secure the following facility for the clients:
- Net loan amount: £345,000
- Interest structure: Rolled-up interest
- Monthly interest rate: 0.65%
- Loan term: 12 months
- Fees: All associated fees included in the loan
- Exit fees: None
Security:
- Primary security: The new bungalow being purchased in Keswick
- Secondary (comfort) charge: The unencumbered farm, to be sold and used as the exit strategy
This solution has provided the clients with the speed and flexibility they needed, allowing them to secure their retirement home with peace of mind while their existing property is marketed for sale.
The Result:
We are pleased to report that the clients have now exchanged contracts, and are looking to complete in July 2025.
Feedback from Clients
“Thank you for handling this transaction for us, we have been extremely pleased with the service and product you have provided.
We are looking forward to moving in to our new home in August and you’re welcome to pay us a visit, if you’re ever in Keswick area!’
If you’re looking for support on a regulated bridging loan, why not get in touch with our team?
