Precise Mortgages has completed a £900,000 bridging loan secured against two Grade II listed properties in London, enabling clients to purchase a retirement home in Sussex before selling their existing assets.
The 12-month loan, arranged by broker Yomo Finance, was secured against two mortgage-free properties valued at £1.2 million and £700,000. The financing enabled the clients to purchase an £800,000 property in the Sussex countryside, with the remaining £100,000 covering stamp duty, legal costs and cosmetic works.
Time-sensitive transaction
The case highlights the use of bridging finance in competitive property markets where buyers face pressure to complete quickly. The clients needed to act rapidly as other buyers had expressed interest in the Sussex property, whilst their London properties remained unsold.
Both existing properties required physical valuations due to their Grade II listed status, whilst an automated valuation model was used for the onward purchase. The transaction completed 25 days after the initial offer.
The loan will be repaid from the sale proceeds of the clients’ existing London properties. This type of bridging arrangement has become more common as UK housing market conditions have shifted, with buyers seeking flexible financing options.
Market context
Alan Kimber, head of bridging at Precise, said: “This case shows how bridging can help when clients have found the right property but need to complete before their existing properties have sold. By taking both properties as security, we were able to structure the funding around their circumstances and provide the £900,000 they needed to complete the purchase and cover the additional costs.”
Ben Groves, managing director and founder of Yomo Finance, noted: “The clients had found the home they wanted to retire to and were keen not to lose it while waiting for their existing properties to sell. Precise understood the time-sensitive nature of the purchase and worked closely with us throughout the case.”
The case reflects broader challenges in the property market, where buyers increasingly require bridging solutions to navigate timing gaps between purchases and sales. Rising mortgage costs across various segments have prompted borrowers to explore alternative financing structures.
The transaction demonstrates how bridging finance can facilitate property chains, particularly for downsizers and those relocating from higher-value urban markets to lower-cost regional areas.
