70% Loan to value
Interest Rate 5.25% over base rate
2% Arrangement Fee
30 years term
Our client needed to refinance a bridging loan he had taken out on a block of 18 self contained flats in the North West on a long term commercial mortgage.
In the past the client had a couple of CCJ’s and failed businesses in the background, however, after speaking with the client, understanding the reasons behind these and obtaining supporting evidence we were able to approach a lender we knew would look at the whole picture and take a common sense view on the “blips”.
We were able to get an approval in principle within a couple of days for a loan of £1.17m against the property valued at £1.8m and moved on to valuation which unfortunately came in a lot lower than the client expected and left us short to repay the bridging lender.
We were able to liaise with the client, lender and valuer and got the valuation figure increased but still had a shortfall, which is where a good relationship with the lender comes in.
We were able to pick up the phone and have a full conversation with the lender and managed to get them to go beyond their normal parameters which meant the bridging loan could be repaid in full