If we were purchasing a property for cash would it be possible to purchase using two bridging providers to provide 100% of the purchase price?
The first one would have the first charge and the second would provide bridging on a second charge basis (such as Precise) and both forwarded amounts would be combined to form a 100% cash purchase.
The intension here isn't to deceive either provider and to be up front from the outset with both providers - just interested in other opinions as to whether it's doable.
No bridger is going to lend you 100% of the value of a property even if they have a first charge over it. They will never put themselves in a position where, if they had to sell the property quickly, they would be unable to recoup all of their investment.
If no bridger will lend 100% of value on a first charge, there is zero chance of any bridger being daft enough to top up to 100% of value on a riskier second charge.
However, if the question alters to can you borrow 100% of the purchase price; the answer is it’s possible, given the right circumstances.
I have brokered each of the above a number of times – so I know it’s possible.