The case in brief
- Client: Hong Kong Resident & UK Citizen
- Loan type: Bridging Finance
- Property value: £1,300,000
- Loan Amount: £865,000
Useful guides related to this case study
Download our Briging Finance Guide
Download our guide for Expats and Foreign Nationals
Our Case
Are you considering expat mortgage possibilities? We’re here to assist, regardless of the complexity of your situation. At Articus, our experienced brokers have a wealth of expertise in finding innovative solutions to worldwide residents.
We were approached by a British expat who had been a resident of Hong Kong for the past decade, they were looking for options to release equity from his buy-to-let property to purchase a commercial building in Glasgow.
Visit our page dedicated to UK Mortgages for Hong Kong residents to discover more about how we can assist.
Our Client
Our client owned a buy-to-let property with an estimated value of £1,300,000. Their goal was to release equity from the property to purchase a high-yielding commercial property at below market value. The vendor had agreed to sell the property at a reduced price provided our client completed quickly – this was the reason a bridge was necessary.
Did you know we can secure mortgages against commercial properties – see the page here
Our Solution
To address our client’s needs, our broker embarked on a search for a lender that could comfortably accommodate their circumstance: being a non-resident and seeking a fast completion.
Articus Finance is a whole of market brokerage with access to 100’s of bridging lenders. Bridging lenders are able to offer financing quickly but in return charge a higher interest rate. You should always seek advice when securing this type of debt and have a clear exit strategy.
Ultimately, we were able to secure a bridging loan in under four weeks enabling the client to purchase the commercial property in cash a week later. During this time we started the process for a remortgage onto a more ‘standard’ expat lender to avoid paying the high interest rate for too long.
Articus Finance is committed to assisting UK expats and clients.
If you find yourself in a similar situation or have unique mortgage needs, please do not hesitate to get in touch with us today.