Have you considered Bridging finance to meet the SDLT holiday deadline? Sirius take a look at how and where Bridging can buy valuable time when experiencing chain breaks or processing delays for a property acquisition.
Many borrowers are looking to benefit from the stamp duty holiday offered by the government, saving up to fifteen thousand pounds. A mortgage product that is applied for now is unlikely to complete before the holiday period ends. However, with the average completion time of a bridging loan usually being much quicker than a standard mortgage, in the right circumstances, bridging can assist your clients looking to beat the deadline.
Chain breaks are common currently, often due to changes with lender criteria or in personal circumstances such as furlough and job losses. Losing a buyer at any time is stressful, but particularly whilst trying to beat the stamp duty deadline. Bridging finance may be able to save the onward property transaction, and up to £15k in stamp duty fees. Your client may be able to use bridging finance to complete on an onward purchase now and then use the sale of existing property as the exit strategy.
Whilst the race is on to beat the stamp duty deadline, the heat is also on for the conveyancing sector. For those who wish to start the purchase process from scratch, the traditional mortgage route could be cumbersome given that many are experiencing severe processing delays. In this scenario, bridging finance can be considered to speed up the process, since the time from application to offer can be achieved in as little as a few days, allowing the client to start the conveyancing process sooner.
AUTHOR: Kimberley Gates
Sirius Property Finance has partnered with Miragon Investments and lender, Hilltop Credit Partners, to secure the completion of a £15m development funding facility on a block of 100 apartments in Cambridgeshire.
The loan will fund the development of a block of 100 one- and two-bedroom apartments, with underground parking and cycle storage in Peterborough, Cambridgeshire. The scheme, which is part of the Riverside Generation Project in Fletton Quay, is a brownfield site by the River Nene, in walking distance of Peterborough station.
The scheme is being developed by the Propiteer Group and Sirius worked in partnership with the introducer, Miragon Investments, and the lender, Hilltop Credit Partners, to secure a quick completion.
Frank Martinez, CEO at Miragon Investments, said: “We are really pleased with the outcome of this case. It was a potentially difficult scenario and the team at Sirius were able to secure funding without fuss and within a good timescale that exceeded the client’s expectations. We have now committed a debt pipeline of more than £50m to Sirius Property Finance and we hope that this marks the start of an ongoing and mutually beneficial relationship.”
Robert Heywood, Senior Associate at Sirius Property Finance, said: “This was an excellent example of a big team effort to secure the completion of a large deal in difficult circumstances. There were lots of different elements to this scheme which could have caused a problem, but the team at Miragon Investments, the client and Hilltop Credit Partners were all fantastic and we all worked together in partnership to get it across the line, and in good time. I’m looking forward to working together with Miragon Investments on funding more developments in the future.”