£325,000 bridging loan for probate

Location: Lincolnshire

General Background

Elderly owner of a small mixed farm passed away. The farmhouse and land were bequeathed to the son and daughter, probate value £650,000. The son worked and managed the farm but the daughter had no interest in farming. The son needed to get a bridging loan to pay out his sister so a bridge of £325,000 was required.

 

Finance Background

  • Finance Background
  • Partnership
  • Property was mortgage free
  • Business generated a small profit
  • Son paid a salary by the farm business, reasonable credit score
  • Small business overdraft
  • Probate due to be cleared

Alchemy Funding Approach

  • Type: Bridging Loan
  • Term: 12 months
  • Loan to value: 55%
  • 12 months interest, setup and exit fees are prepaid and added to loan so no income or affordability required
  • Discussions established with 3 banks to provide an exit mortgage after the bridge

Security

  • First charge on land and farmhouse

Rate

  • Set up fee – 5%
  • Exit fee – 1%
  • Interest – 1% per month

Location: Lincolnshire

General Background

Elderly owner of a small mixed farm passed away. The farmhouse and land were bequeathed to the son and daughter, probate value £650,000. The son worked and managed the farm but the daughter had no interest in farming. The son needed to get a bridging loan to pay out his sister so a bridge of £325,000 was required.

 

Finance Background

  • Finance Background
  • Partnership
  • Property was mortgage free
  • Business generated a small profit
  • Son paid a salary by the farm business, reasonable credit score
  • Small business overdraft
  • Probate due to be cleared

Alchemy Funding Approach

  • Type: Bridging Loan
  • Term: 12 months
  • Loan to value: 55%
  • 12 months interest, setup and exit fees are prepaid and added to loan so no income or affordability required
  • Discussions established with 3 banks to provide an exit mortgage after the bridge

Security

  • First charge on land and farmhouse

Rate

  • Set up fee – 5%
  • Exit fee – 1%
  • Interest – 1% per month

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