Edgewater bridges the gap with advice on short-term home loans
Edgewater is expecting to boost the local property market and help many would-be sellers and purchasers stuck in a housing chain with access to a new home bridging loan product.
In an exclusive distribution agreement with Conister Bank, Edgewater will provide advice on Conister Bridging Loans for amounts up to £300,000, on an interest-only basis. In addition, to reflect the slower pace of the Isle of Man property market, the Conister Bridging Loan can be held for up to five years, offering a chance to get the best property price. The loans will be also open to retirees which will be particularly useful to those wishing to downsize.
Bridging loans are short-term lending options, most commonly used to purchase a new property before an existing one is sold. Such loans can help free up those stuck in a chain, where prospective buyers cannot progress until a particular property is bought or sold.
Ian Crawford, Mortgage Manager at Edgewater, states: “One of the most frustrating aspects of buying or selling a property is having a sale delayed by a chain where buyers are dependent on selling their existing property to fund a new purchase.
“It’s estimated that, on average, there are seven properties involved in every chain in the British Isles. Given the current constrained lending environment, it means the probability of a sale falling through is high.
“The new bridging loan from Conister Bank is specifically tailored for the home market and will help free up chains locally, giving the Isle of Man property market a much needed boost. We are delighted to be able to provide this service; one of a number of different property loan options we can offer.”
In addition to the Conister Bridging Loan, Edgewater can provide advice on larger loans and bespoke funding for property projects, arranged through the traditional banking sector or the emerging alternative finance market.
If you would like more information on this exciting new product, please contact our Lending Team at firstname.lastname@example.org or on 654000.