Fast bridge for equity release
What was the situation?
The client approached us needing to quickly refinance an existing buy to let (BTL) property to release equity for a commercial purchase.
What was the issue?
The client was unable to obtain a BTL mortgage primarily due to the Energy Performance Certificate rating not meeting the minimum requirements for lawful letting. The commercial property being purchased by the client had been down valued by the surveyor and the client therefore needed to increase their deposit. The client had a set exchange and completion date for the commercial purchase, so the refinance needed to complete swiftly.
What was the process?
We sourced a lender with whom we have strong relations with and presented them with the client’s situation. We submitted a fully packaged application to the lender which enabled them to underwrite the case within three working days.
The valuation report on the property was slightly challenging as it contained detrimental comments regarding the property. As we had already pointed out the property flaws to the underwriter at the very beginning, the lender was prepared to take a positive view based on the overall strength of the case and proceeded to a formal offer.
What was the solution?
We worked to produce a short-term loan facility quickly, utilising our strong existing broker/lender relationship to secure a speedy non-standard transaction. This ensured the client did not miss out on the commercial property they wished to purchase.
The client completed on the commercial purchase using the funds we had raised and was extremely happy with the speedy and efficient manner in which we achieved this.
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Testimonials
Our happy clients
LDN Finance were on the ball, helpful, supportive and nice to deal with. They were brilliant at back channelling with both lender and lawyers. We had tricky development and bridging finance and a short time frame. I would recommend them.
LDN Finance are a very professional and helpful company. We have done several deals though Chris and the Specialist team and I would thoroughly recommend them.
An extremely professional service, explaining different stages of the bridging refinance process. I was kept informed with regular updates as to progress and requests for additional information. I would recommend with confidence.
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