Norton Broker Services has announced that it has completed a re-bridging loan valued at £342,000 to assist a couple navigating a challenging property renovation and sale timeline.
The clients, a married couple in their 50s, initially applied for joint finance to purchase a residential property in need of substantial renovation. One of the clients also owned multiple properties in the background and planned to sell their current residential property to fund the project. Norton Broker Services advised the couple to take a bridging loan against the existing property, ensuring a smooth transaction with a highly competitive rate.
However, the property did not sell as quickly as expected, and their existing lender declined to extend the bridge due to the lack of a sales agreement. The clients returned to Norton Broker Services, who successfully secured a re-bridge loan to pay off the original facility, giving the couple more time to sell the property.
Using its extensive network of specialist lenders, Norton Broker Services secured a new bridging loan of £342,000 for a 12-month term at 0.99%, enabling the clients to stay on track with their property renovation and sale.
Jimmy Allen (pictured), Broker Account Manager at Norton Broker Services, commented: “This case strikes at the heart of what we do at Norton Broker Services—finding innovative solutions, even when things don’t go as planned. By acting quickly and using our strong relationships with lenders, we secured a re-bridge that fit our client’s needs perfectly and kept their project moving in the right direction. It’s this ability to adapt and solve complex problems that we pride ourselves on.”
