Are you looking for the best financing terms for a bridging-loan but have some complex holdbacks? Maybe you’re unsure on the best solution to help your current mortgage situation? We have the banking contacts on hand to provide a tailored solution where other lenders may not be able to help. To discuss this or any other large or complex mortgage case, please contact us on 020 7519 4984 or email us.
Case profile
Our client was a High Net Worth foreign national looking to purchase an £8million West London penthouse.
The complexities in this case stemmed from the purchase of this property. It was being purchased off-plan through the reassignment of a contract from another party who had originally agreed to purchase it from the developer. Contracts had been exchanged and a sizeable deposit had been paid well before we were contacted for urgent help to secure a bridging loan.
Neither the clients, nor their regular broker, were able to arrange a traditional financing offer before the purchase option expired. With a wealth of knowledge in securing the most suitable finance option for complex situations such as this, largemortgageloans.com were able to reach out to our vast network of lenders for an ideal solution.
Trying to organise finance for an off-shore borrower is always a challenge and requires extra due diligence which traditional lenders and brokers may struggle with.
Solution
Lending to foreign nationals, whether a resident in the UK or overseas, is a familiar prospect for largemortgageloans.com. Our team often work with bespoke and non-standard transactions so were not put off by the complexities of this case.
We were able to establish a complicated source of wealth spread over multiple countries. Whilst this is high risk for many lenders, we identified which lenders in our network would be comfortable with this scenario. Our expertise in dealing with high net worth borrowers enable us to be flexible and creative in our solutions. Therefore, through our in-depth due-diligence processes, in conjunction with the bespoke lender selected, we managed to build up a clear picture of the client and their wealth that allowed the underwriting of the facility to progress smoothly.
We completed a 6 month, £4.3m residential bridging loan for the clients, enabling them to complete their purchase and not lose the large deposit that had already been paid.
Deal Highlights
| Loan amount: | £4,380,541 |
| Rate: | 1.0% per month |
| LTV: | 60% |
| APRC | Overall cost for comparison 13.50% APRC representative variable |
| Term | 6 months |
| Type: (Interest Only/Repayment) | Bridging Loan |
| Loan purpose: | Purchase |
| Lenders arrangement fee | 1.5% of the gross loan |
| Early repayment charge | 2 month's interest |
Notes
This case study is for information and illustration purposes only. It is not an offer, or suggestion of an offer. Each mortgage case is assessed on an individual basis and there is no guarantee that the solution described here can be repeated in the future.
Please note that this specific deal may not be available to – or suitable for – all customers, dependent on their individual circumstances. The rate quoted may become out of date at short notice and may not be available at the point at which customers enquire about it. This document may not contain all the information needed for customers to make a decision and they should seek advice.
Overall cost for comparison 13.50% APRC representative variable based on 6 payments at a fixed rate of 1% and lenders fees of 1.50%. Ask for a personalised illustration.
Your home or property may be repossessed if you do not keep up the repayments on your mortgage. Changes in the exchange rate may increase the sterling equivalent of your debt. Please note the Financial Conduct Authority does not regulate some aspects of bridging finance.
