A Bridging Loan Story: Don’t Take ‘No’ For An Answer
Robbie and Margaret had just bought a block of land and were looking to build on it. They already owned their own home and were in the process of paying it off. Obviously, they wanted to continue to live in that home until their new home on their block of land was built.
To say this is an unusual situation is putting it mildly. Many lenders won’t touch this kind of situation with a 10-foot pole. So unless you know which lenders to go to you’ll be in for many rejections before you ever find a lender who’ll even say “Maybe.”
Robbie and Margaret thankfully came to see us at Mortgage World Australia. Using our in-depth knowledge of the home loan products, we were able to shortlist the lenders that could cater for a bridging loan combined with a construction loan.
The lender that ultimately approved the loan, was Robbie and Margaret’s current lender at the time.
We were able to secure a bridging loan for Robbie and Margaret at almost the full cost of the construction. The balance of the funds for the construction could be paid out of equity of their current property.
This lender didn’t even offer a bridging loan as a standard product offering but after presenting the transaction to them they were able to approve this is an exception to policy for existing customers.
The main reason this loan was approved was because Robbie and Margaret had planned on selling their current home as soon as their new home was ready to move into and they were willing to meet the market price. Not just endlessly hold out for a perfect price.
Robbie and Margaret have their loan and are ready to build their dream home on their dream piece of land. That is a big win in our book.
If you’ve got an unusual set of circumstances and are being told ‘it’s too hard’ by your bank call 1300 661 211 or register online at https://www.mortgageworldaustralia.com.au/contact-us/ and we will explore how we can make your dream happen.