£850k regulated bridging loan enables Master Private Finance’s client to complete a quick equity transfer

UTB’s Bridging division was approached by Master Private Finance to assist their client (Mr F) in purchasing the equity in a property jointly owned in trust with their now estranged partner (Mrs A)

The property, which was 66% owned by Mrs A, was valued at £1.74m and had a first charge mortgage of £397k secured on it, which Mrs A would be porting to their next residence, the purchase of which was taking place simultaneously with the completion of the bridging loan.

Mr F needed to borrow £850k which, together with his own cash savings, would give him sufficient funds to purchase Mrs A’s equity in the trust for £1.14m. Mr F had already started a mortgage application with a High Street mortgage lender, however, they asked for another mortgage he was party to be cleared before they proceeded with the new mortgage, and this wasn’t possible. Mrs A was keen to proceed quickly with her onward purchase and Mr F was keen to resolve the matter quickly to ensure his former partner did not lose the house she now wished to buy.

Master Private Finance advised UTB that Mr F would exit the bridging loan via a remortgage provided by another lender, as they had indicated that it wasn’t necessary for Mr F to clear the outstanding mortgage on the other jointly owned property before completing the remortgage of the security property.

Loan TypeRegulated Bridging Loan
Term12 months
LocationHome Counties
Loan PurposeTransfer of equity between separating couple
Special Features• Introduced by Master Private Finance
• Used FastTrack and AVM