No Income – No Problem
Thistle Finance was approached by one of our introducers with a very specific regulated bridging finance request which presented several complications.
The client had inherited a substantial London river front property valued at £1.65 million. Our client was also a foreign national with permanent rights to reside in the UK however the client was unemployed and relied on income from overseas properties to support his living costs.
The title for the property was also still registered in our client’s spouse sole name and probate had not been finalised
The property was on the market for sale and several offers had been made however, the offers did not represent the full market value which could be achieved, given time.
Thistle Finance sourced a regulated bridging product to release cash for living expenses and debt consolidation, with no income requirements, on a full interest roll up basis. Completion was simultaneously coordinated with the transfer in title with the exit route defined as the sale of the property.
The facility rate was 0.89% per month for a Non-Status application over a 12-month term, allowing cost effective funds and a product term that will maximise the sale value of the security.
Thistle Finance took ownership of the application advising the client on product and paid away 50% of the lender procuration fee and 50% of the broker fee.