How we found a regulated bridging route to fund the final £700,000 of a bespoke self-built home, without using the client’s other properties as security.
The Scenario
Our client was partway through building an exceptional home for his own occupation. A Grand Designs style project, the property had a current value of approximately £3.5 million, with an anticipated value of £5 million once complete.
He had funded the land and construction entirely from his own resources. Having committed his savings to the project, he needed a further £700,000 to finish the build.
The original intention had been to fund the remaining works through the sale of separately owned barns. However, a slower property market meant those sales had not progressed as expected, leaving funds tied up elsewhere.
The Challenge
The property was not yet suitable for a standard residential mortgage. We needed a regulated bridging lender comfortable lending against an unfinished main residence, with experience of high value, bespoke homes.
The client also wanted to leave the barns free of any mortgage charge. With those properties being marketed for sale, he was keen to avoid introducing additional lending and registration work that might complicate matters if a buyer came forward.
Our task was to find a way to fund the remaining construction while respecting the client’s wider plans.
Our Solution
We focused on raising the £700,000 against the main residence itself.
The important part was finding a lender who understood both the property and the circumstances. This was a substantial home with significant value already created, but further funding was needed before it could be completed.
We identified a regulated bridging solution suited to the property and the remaining works. The proposed structure included:
- £700,000 of borrowing to fund completion of the project.
- Security against the main residence, leaving the barns outside the bridging facility.
- A lender comfortable with bespoke, high value homes and properties partway through construction.
In this particular case, borrowing against the main residence also offered a considerably lower interest rate than the alternatives available against the barns.
The Outcome
The solution provided a route to fund the remaining works without waiting for the barns to sell or using them as additional security.
It addressed the immediate funding gap while preserving the client’s preferred approach to the other properties.
For a project like this, understanding the whole picture matters. The stage of construction, the type of property and the client’s wider plans all influenced which lender and structure would work.
Partway through a build and need funding to finish? Speak to ERG Finance about the options available.
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