Bridging finance is becoming increasingly appropriate for borrowers in all sectors and on all budgets – as proved by a pair of lottery millionaires who turned to the funding tool.
The couple became millionaires thanks to a large-scale lottery win a few years ago and had been in the process of renovating and redecorating a substantial country home. The property needed a significant amount of work and the couple’s ideas spiralled beyond their budget.
Needing money quickly, the couple turned to bridging finance as it provided the flexibility and rapid fund allocation that they needed. The bridging lender who provided the money added, “this was a magnificent property and a very smooth transaction.”
The efficient nature of this form of funding was highlighted by the completion of the loan within seven days of receipt of legal fees. Other situations in which borrowers may find bridging finance to be the best solution is when buying at auction – this funding tool allows borrowers to complete on the property within the required 28 days timeframe, something which many traditional lenders will often fail to meet.