Client Profile:
Our client, David and Alison, found their ideal next home in Hyde in Manchester and needed to act fast. Although they had £85,000 in cash savings, the remainder of the purchase funds were tied up in their current (unsold) property.
They didn’t want to risk losing the Hyde property to another buyer, however, without an offer on their own home yet, conventional mortgage funding wasn’t an option.
Client Profile
- Current Home: Listed for sale at £250,000 (as of 1st August 2025)
- Equity Position: 100% unencumbered, no existing mortgage
- Cash Savings: £85,000
New Purchase
- Property: 3-bedroom semi-detached home in Hyde, Manchester
- Purchase Price: £175,000
- Intended Use: New main residence
Our Solution
Steel River provided a regulated bridging loan, secured against their unencumbered home, enabling them to raise funds quickly without delay.
Key Features of the Loan
- Loan Type: Regulated first-charge bridging loan
- Loan Amount: £90,000 net advance
- Security: Unencumbered property valued at £250,000
- Term: 6 months, with no early repayment charges
- Exit Strategy: Sale of their current property
Financial Summary
- Hyde Property Price: £175,000
- Client Contribution (Savings): £85,000
- Bridging Loan (Net Advance): £90,000
- Security Property Value: £250,000
- Loan-to-Value (LTV): £36%
- Exit Strategy: Sale fo current home (unencumbered)
Timeline of Events
- 25th July 2025, Application submitted to Steel River Bridging Loans
- Valuation, Completed as a desktop AVM (Automated Valuation Model)
- 4th August 2025, Formal offer issued
- 5th August 2025, The purchase property was marked as “Sold STC”
The Result:
- David and Alison secured their new home, which is now officially “Sold Subject to Contract”
- Their bridging offer was delivered just 10 days after application submission, thanks to online AVM valuation and streamlined processing
- They now have time to complete their own property sale and repay the loan comfortably
Client Feedback
“The speed was everything. From application to offer in just over a week, it’s exactly what we needed. Without the bridging loan, we’d have lost the property.”
Whether you’re a property investor, developer, or business owner, Steel River delivers intelligent financial solutions that help turn opportunity into success, why not try our bridging loan calculator to give you an estimate of costs?
If you’re looking for support on a regulated bridging loan, why not get in touch with our team?
