How we’ve helped previous clients
Development Loan, 8 apartments
Our client contacted us to source funding of £1.6m for the development of eight 2 bed apartments. They had the support of a High Street Bank on previous projects but wanted to consider other options to maximise loan to value.
Following an initial consultation and fact gathering with the client we packaged the case and presented it to the lenders whom we knew would be interested in the proposition and the location of the development site.
The client selected the offer that we both felt reflected best overall value and flexibility. The loan would offer a 65% advance towards site purchase and 100% of the development costs drawn in agreed stages against interim inspection reports.
Charges to the client were 2% arrangement fee, 1% on exit of the facility and an interest rate of 6.05% over 3 month LIBOR.
Purchase/Refurbishment to Large HMO
Our client contacted us to source funding for a Grade II listed former bed and breakfast establishment. The client had seen the opportunity to purchase the property and to add value by refurbishing and re-purposing to a large professional HMO.
Due to our extensive knowledge in this area we were able to secure the monies required for the initial purchase and also the refurbishment. This was arranged as a short term facility whilst the works were being carried out at 70% LTV for the initial purchase and 100% for the refurbishment works. Upon completion of the project the short term facility will be replaced with a long term Commercial mortgage.
Buy To Let Portfolio Re-Finance
Mr and Mrs Gray have built up a trading business and portfolio of 48 residential investment properties in the Greater London area. Mortgages on the properties were provided via 11 mortgage providers and the portfolio geared up to an average 58% LTV against it. The average yield across the portfolio was 7%.
The clients wished to leverage further equity from the portfolio to carry out some major repairs / upgrades to 15 of the units and also to give them a pre-purchase facility to acquire further units at very favourable discounts. A project of this nature requiring a significant amount of research and background information was assigned to our Investment Mortgage partner who initially commenced an audit of all mortgage redemptions on the existing finance arrangements alongside an updated valuation audit negotiated on special terms with a major panel valuer.
When developing and presenting the executive business plan to 3 major institutions, we negotiated a complete progressive re-finance on commercial terms at 3.5% over the bank base rate. This was enhanced by a rolling £950K forward purchase ‘cheque book’ facility to allow the clients to take advantage of future purchase opportunities. The clients’ overall savings on rates added a further £67,000 annually to the bottom line of the business.
Asset Finance, Van
Our client contacted us because he required a new van for his business. He had already sourced the van and had been provided a finance option from the van dealer. Our client was aware that he could obtain a free, without obligation quote from us to make a comparison to the finance option he had been provided. We provided the quote within 24 hours and were able to offer a more competitive finance option with a lower monthly payment and an overall saving on interest. The client drove away happy in his new van within the same week and made the following comment:
‘Thank you so much for your help, you made this such an easy process and saved me money.’
For more information on these and other successful projects delivered for our clients around the UK please call us today or submit an enquiry and we will contact you.