Need bridging finance to downsize

[Puzzled1]

We live in a big house and wish to downsize to a smaller one
Our problem is that we have seen a house to buy and have put our house on the market. We are mortgage free and both retired. In order to close sale of new house we need to raise €70,000 and we have the rest in cash.
We presumed that we would be able to get bridging finance for the shortfall until our house sells.( valuation is €400,000) but since the banking crash this no longer exists. Banks will only give loans with regular payments and the borrowers must have the necessary income to cover the payments.
We need advise as to how to raise this money in the short term. We tried main our bank and credit union with the same answer. We have an excellent credit reputation and loads of security but it does not seem to matter.
Help please

 

[Brendan Burgess]

As things currently stand, you will need to sell your house first.

If the timescale does not work for the house you have identified, then you will just have to buy a different house.

With all the regulatory hassle, it's probably not worth a bank lending a customer €70k for a short period of time.

Finance Ireland took over the business of Pepper and might do non-standard stuff. Call one of their brokers.

https://www.financeireland.ie/products/residential-mortgages/overview/

Brendan

 

[RedOnion]

I noticed recently that a specialist lender called Capital Flow advertise they'd started doing bridging finance.
I haven't had time to follow up on it, so it might be geared towards investment,
but worth a phone call.

 

[Brendan Burgess]

Very interesting.

https://www.capitalflow.ie/property-finance/

What we Offer
We provide bridging and term property loans ranging in amounts from €250k to €5m.

Funding for residential and commercial property acquisitions or refinancing is provided up to maximum overall loan to value (LTV) of 75%.

We are now offering PENSION MORTGAGES – allowing you to purchase investment property or properties through your pension fund.


It's an odd website in that there are no regulatory notices. I have no idea who or what CapitalFlow is? Surely it should have xyz Ltd t/a Capitalflow? Would it not need some sort of credit license to lend money?

I am sure that they are just technical points.

 

[RedOnion]

I am sure that they are just technical points

Possibly not. I might have jumped the gun!

It turns out that they've applied for a retail credit licence, but that won't be decided until March. Their existing products don't require it.

Looks like they are going to target professional landlords, rather than private residences.

https://m.independent.ie/business/i...ndlords-with-new-credit-licence-37776830.html