The purchase stood at £312,000, with the client needing additional funds to carry out improvements.
Once complete, the customer intends to use the South West-coastal property for holiday lets.
The clients decided to secure the bridging finance on their own main residence, which was valued at £1.6m.
The home had an outstanding mortgage of around £210,000, leaving enough equity in the property for a second-charge bridging loan.
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Craig Taylor, key account manager of bridging at UTB (pictured above), commented: “Homeowners often have substantial equity in their main residences, even if they have first-charge mortgages already secured on them.
“Releasing this equity with a second-charge regulated bridging loan can provide customers with a quick and straightforward solution to raising money quickly for a variety of purposes, including purchasing properties not in a suitable condition to use as security for a bridging loan or mortgage.
“Although not all lenders are happy to offer second-charge bridging loans, regulated or unregulated, at UTB we have an experienced team of underwriters and credit professionals committed to helping brokers and their customers secure the right solution for their needs and to seize opportunities when they arise.”
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