19Jan2018

Former farmer makes moves with bridging deal

Case study

Client: Graham Hogg

Value: £35,000

Description

Former farmer, Graham Hogg, left the industry following a long career, relocating from his former farm house in Darlington and in need of a new home. With a change in career as a self-employed builder, Graham was keen to purchase a property which required some modernisation works in order to increase the value and equity. Due to both a limited period in self-employment and a property that was deemed less valuable than the sale price, Graham turned Bridging Finance Solutions to help him purchase the property and bridge as a short term solution.

Graham commented: “Due to the decline in the farming industry in the UK, I was forced to relook at my career and lifestyle and consider a move away from farming. Having sold the business, I was left with some capital but not as much as anticipated. I was keen to find a property which I could improve and increase the value of but didn’t quite anticipate the challenges that lay ahead.

“I struggled to get a mortgage from a high street lender due to my position as a self-employed person, combined with the condition of the property. The house was for sale for £170,000 but needed £35,000 to get into a good state. I was able to purchase the property with my equity from the sale but needed the additional monies to complete the works.

“I approached Jeanette Jones at Bridging Finance Solutions to help me set up a bridge for £35,000 that would ultimately give me the funds needed to make the changes. I have taken the bridge across a 12 month period, at which point I would have been self-employed for two years and will be able to secure a mortgage with a high street lender.”

Graham discussed the process of setting up a short term loan with BFS. He continued: “I had a fantastic experience working with BFS. Jeanette remained my sole point of contact throughout and was an incredible source of support. She guided me through the process and took time to explain each stage to me. She helped me overcome all hurdles and we managed to get the funds secured within weeks. I cannot recommend her and her company more and would not hesitate to use a bridge again in the future.”

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