How we helped with a non-UK resident bridging loan
At Advias we have an extensive database and systems we leverage to identify suitable solutions for a Non-UK resident bridging loan. So we knew exactly what to do when we were approached by a foreign national in need of a quick funding solution.
Key Facts about this Bridging Finance Case Study:
Client: Foreign National & Non UK Resident
Property type: BTL
Purchase Price: £737,450
Gross Loan Amount: £373,112
Rate: 0.65% per month
Reasons Lenders Could decline your mortgage finance application
A client purchased a new build flat off plan, with 15% of the deposit already paid. Advias was approached by the client the day when their bridging finance and mortgage application via another broker had both been declined. These were declined due to the new build building being high rise which the lenders did not favour.
Bridging Loan Shortfalls - a foreign National in the UK
Foreign Nationals can often experience limited lending options as not all lenders can offer their services to non UK borrowers.
The client was at risk of losing their deposit with the completion deadline due within days.
Our non-UK resident bridging loan Solution
Advias swiftly onboarded the client, researched the market and presented a non-UK resident bridging loan solution within hours. The solution offered no requirement for a physical valuation, no proof of income and fast-track legals. We also led with the property features to ensure the lender was fully aware of the security they were being offered and therefore prevent a last minute decline.
The required loan amount was agreed and offered that same week and solicitor released funds for completion the week after.