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Jargon Buster

Case Studies

Commercial refinance of £1.m
Two clients inherited a commercial property portfolio and needed to raise £1.5m to pay an inheritance tax liability. The IHT bill was £m with the clients having £1.m in savings and needing to raise a further £1.m. The clients owned various Commercial Investment properties with varying leases and tenants. We found a High Street lender who was happy to spread their charge over just 3 of the 8 properties to keep legal and valuation costs down. The mortgage was advanced on an interest only basis which carried no ERC's as the clients plan was to liquidate some of the properties and repay the mortgage early although they wanted to do this in their own time. The deal was completed from application to drawdown in less than 60 days, which enabled the IHT bill to be paid on time.

Cash Release from Saving Bond
Client needed to raise £200k in order to complete on a property purchase he had exchanged on.
He had a Savings Bond with a High Street lender but this was not due to mature for 3 months, which would have meant losing the property. A lender was found who happily took a charge over the bond only and not only did this transaction complete within 2 weeks, but the client did not lose the deposit on the property and did not incur penalties to breaking the bond agreement.

Second Charge Bridge Loan
Our customer borrowed £150k against his main residential property to allow for improvements on a property abroad which would then be sold. We arranged 75% on a 2nd charge open bridge, with repayment coming from either the sale of the overseas property or a remortgage of the residential property in 9 months time. The customer was in funds within 7 working days from receiving the application form.

Industrial Unit Purchase
Clients came to us as they were looking to purchase a larger industrial unit as they had outgrown their existing one. The Company had been trading for the last 7-years and could demonstrate 3-years of strong profits. The clients were after borrowing 80% of the purchase price and we found a lender who was happy to do advance this LTV. We obtained a margin of 2.79% above base for the clients as well as enhanced business banking terms. This deal went to formal offer within 4 weeks and completed 6 weeks after that. These clients have since been back to us and we have sourced 2 further limited company investment property purchases for them.

Guest House re-mortgage
Clients had purchased an existing Guest house property although the previous owner has not looked after the property and could not show 3 years accounts. The clients had gone to their own bank, HSBC, who lent them 100% finance of £750,000 and taken charges over the client’s main residential property and 4 investment properties. This meant the bank has security valued at just over £2m. The clients contacted us after they had been running the Guest House themselves for 7 months and could show that they had completely refurbished the property and could show 6 months management figures that showed a small profit. They were also in the process of selling 2 of the BTL properties and were looking for me to re-mortgage their property at a figure of £650,000 against a business valuation of £950,000. We found a lender who would advance the funds required, purely against the business property with a 12-month capital repayment holiday while the business continued to establish itself. By remortgaging, we saved the client around £1,750 per month with our introducing broker earning £6,000 for one phone call.

Residential Development Finance
Clients had purchased a residential property with a standard buy to let mortgage and subsequently obtained planning permission to almost double the size of the house including putting in an indoor swimming pool. The client needed to raise £1m, which included taking over the existing buy to let mortgage and 90% of the build costs. We obtained High Street finance for this request even though this was the client’s first project. This was due to the client’s income and asset background as well as the team of professionals he had involved in the development, which included a well know architect, quantity surveyor and builder. The build took 9 months to complete with the client then deciding that he didn‘t want to sell it and moved into it as his main residence, which the broker organized.