Fiancne required to repay existing lender works completed outside of their lender agreement.
Region:
Debt Raised:
Somerset
£450K
We arranged fast finance for this London landlord who needed to repay his mortgage in order to proceed with his development plans.
The Scenario
Client was converting his existing property into flats, he had the consent from local authority and building works commenced and were nearing completion when he contact his existing high street mortgage company for some funds to complete the works.
Upon confirming what works he was completing they detailed that this was a breach of his mortgage and it needed to be repaid immediately. Not only did the client have a property that was not in mortgageable condition, he also didn’t have the funds to complete the works.
The Solution
Despite this issue with his mortgage company, there was enough equity in the property for us to source a quick solution. We managed to confirm the funding in principle within 24 hours and liaised directly with the lender to confirm.
This addressed one element, however we also managed to raise funds needed to complete the works in full, through to sign off. We completed the deal when the works were finished by sourcing a buy to let term deal for each of the flats to repay the development funding and ensure the client made a decent monthly margin on the flats.
Similar?
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