Bridging loans
Like most people, I’m not a fan of bridging finance, but we’ve found ourselves in a situation where we may need a short-term solution.
In short, our buyers have withdrawn, but the sellers of our onward purchase still want to complete next month.
We’re now facing an £800k funding gap. That was originally going to come from our ported mortgage plus the equity released from our current home, with the remainder of the purchase funded by cash and shares.
Had everything gone to plan, we’d have been moving into what we hope is our forever home with around a 30% LTV.
As things stand today, we need to put our house back on the market while securing an £800k bridging loan for around 2–3 months until we complete the sale.
Has anyone been in a similar position? Any experience with bridging loans, recommendations, pitfalls to watch out for, or general guidance would be hugely appreciated.