£14k in a Week with Bridging Finance
One of Brokerplan’s established partners Mark Everard of Michael’s Commercial Finance closed three bridging finance deals last week which earned them £13,829.50 in net income!
These cases included:
A regulated bridge for an elderly couple looking to downsize and move closer to their children – Their current property had not yet been sold and so the existing property and the new property were taken as security. This allowed them to secure better rates with a reduced loan-to-value (LTV) and allowed them to use the sale of the existing property as the repayment for the loan.
Income – Broker Fee £1,500 & Proc Fee £4,009
A property purchase at auction with the client’s existing property portfolio to be used as additional security on the loan. With the client needing to complete within 3 weeks or risking losing the property, timing was key. The facility was arranged and completed within the given timescales and the client was able to continue with the purchase.
Income – Broker Fee £2,469 & Proc Fee £5,292
A regulated ‘bridge-to-refurb’ on the client’s current property and use as a buy-to-let, A bridging loan was secured to finish off the refurbishment of the property and also provided the client with money for the deposit on their dream home.
Income – Broker Fee £1,200 & Proc Fee £1,800
All of the above deals completed last week came to a total of £16,270 and provided the AR with a net income of £13,829.50!
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