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Client was referred by a mortgage broker who had previously arranged bridging finance for the client but owing to a change of heart, the client no longer wanted to dispose of investment properties to exit the bridge.
The client was keen to protect the income that their investment properties provide them and having bought a new residential property outright with the bridging loan meant an Equity Release arrangement was a great alternative to the sale of their investment properties. However, on the face of it, equity release was not an option owing to one of the applicants being acted for by a power of attorney. This typically creates a high level of restriction on what the funds from Equity Release can be used for and/or Court of Protection involvement being required. The adviser however was able to present the case scenario to a selection of lenders and ultimately gained commitment from one of them to proceed, and without Court of Protection involvement, as they were satisfied with the sequence of events that lead to the need for an Equity Release arrangement to repay the bridge.