Crystal Specialist Finance hails success in ‘complex’ bridging loan case

A myriad of inheritance and financing issues have been overcome in a “complex” bridging loan case dealt with by Crystal Specialist Finance (CSF).

The mortgage specialist has outlined details of the case, which involved a client who needed to secure a second charge bridge to cover upgrades and moving costs for an inherited property.

The applicant’s father had recently passed away and she took state administration of his estate, but the property she had inherited did not have her name against the land registry and probate was yet to commence.

Although the client could provide a copy of the will, CSF requested to make direct contact with the solicitor, who ultimately confirmed her as sole beneficiary and provided the additional assurance of having the property assented if required.

Wishing to refurbish the subject property and then be mortgage-free once she had settled in and sold her existing home, CSF proposed a bridge loan as opposed to equity release, as this would allow the applicant to move into her father’s property while the other one was sold. A £60,000 facility was then secured with Precise Mortgages.

CSF managing director Jo Breeden said: “This is another great case of bridging finance proving itself to be a solution, but what is particularly pleasing is the Crystal team assessing the legal situation and formulating the application so the lender could make a quick and easy decision.”

Precise Mortgages group managing director Alan Cleary added: “We’re pleased that we were able to assist the team at Crystal to deliver the outcome needed for their applicant. It’s a great example of working together with our partners to deliver the specialist solutions needed by customers.”

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