Gross Loan Amount:
One of our current clients was purchasing a high-net-worth property in Prime Central London through another lender. However, the first charge lenders had a cap on their LTV, which left our client falling short of funds.
In need of a 2nd charge at such a high value, the client was concerned they would not be able to raise the remaining amount needed, so they contacted us.
Our underwriters knew they had to work fast to complete on time. As the client is a seasoned property investor, our underwriters decided that the best way to raise funds quickly would be to utilise the current assets already owned by the client.
We therefore used another of the clients high-net-worth assets to cover the shortfall of the new property.
We were able to get valuation reports in under 48 hours so that solicitors could be instructed, and completed within 2 weeks, leaving the client extremely happy.
When it comes to second charges, it can be difficult to find a lender that can provide a large loan with such a high LTV. As we looked at the whole picture, we were able to consider the other assets the client owned.
Due to our in-house funds and multiple funding lines, we could move quickly and the client purchased their new property, with all the funds they needed, and within deadline to make sure they didn’t lose the asset.
- Featured Product: 2nd Charge Bridging Loans
- Explainer Video: 2nd Charge Loans
- Tool: Bridging Loan Calculator
- Guide: Guide to Buy-to-Let
- Blog: 21 Reasons to invest in real estate
- Blog: What is LTV? Everything you need to know about affordability and mortgage deposits