Clever Lending facilitated a £180,000 bridging loan for clients converting their £2 million residential property into holiday lets. Despite valuation delays and a Bank of England rate increase, the loan was completed in two months at a 15% loan-to-value ratio.
Development finance is an extremely niche and specialist area of the mortgage market. No two projects are the same and the level of financing involved often varies from tens of thousands to multi-million-pound deals depending on the type of project being undertaken.
According to the latest Bridging Trends data, bridging loan transactions in the second quarter fell to £165.7 million – the quietest quarter since Q1 2022.
Clever Lending, the specialist finance packager and master broker, has secured a £307,000 regulated bridging loan to allow a client to downsize after suffering a hat-trick of setbacks.
The need for bridging loans is growing rapidly, and far ahead of its usual trajectory.