We are delighted to announce that the first of our Northern Ireland bridging loans has completed.
We were able to lend to Belfast based property developer Michael Rodgers to allow him to complete the purchase of a residential property in the city of Belfast.
We were able to fund 60% of the £180k purchase price with Michael putting in the rest from his savings. The property is going to get a light refurbishment and then be sold on the open market for £230k. A really simple, traditional quick bridge.
Details of the bridging loan
- Purchase price: £180,000
- Loan to Value: 60%
- Exit: Sale..Expected to be sold for £230k
- Monthly interest rate: 1.4%
- Arrangement fee: 1%
- Exit fee: 1%
- Area: Outskirts of Belfast City Centre
The solicitors acting for us were quick and efficient and the whole process took just 3 weeks from the initial enquiry to the completion of the loan.
If you are looking to purchase property in Belfast or other areas of Northern Ireland, then a bridging loan or development finance loan may be the answer.
Get in touch with us here to apply.