|
OFFICE RE-MORTGAGE
The client in question raised £170,0000 on their unencumbered offices. The property was freehold and owner occupied. The capital raised was used as a deposit on a related property purchase. We were able to complete the case just eight days after receiving the application. The client had a clean credit history but had to self declare their income. They were able to borrow 85% of the value of their office.
CONVENIENCE STORE PURCHASE
We were able to fund 85% of the shop purchase, lending £178,000 on a purchase price of £210,000. The applicant was in a contract race to secure the purchase before the vendor was repossessed. The application was taken by us on 18th and we were able to complete the purchase by the 26th. The applicant has 13 years experience in the trade and used the unaudited accounts of the vendor and his own projections to demonstrate serviceability.
DUCK FARM PURCHASE
We were able to arrange a £130,000 mortgage on a purchase price of £400,000. The applicants were working on the duck farm when they had the opportunity to purchase the business from the existing owners who were moving abroad. The property also had warehouse facilities on site. We completed the application within 6 weeks from the initial application and the clients self-declared their income along with projections for running the business. They also had a County Court Judgement registered against them.
WAREHOUSE RE-MORTGAGE
The applicant approached us seeking to refinance their warehouse premises in order to raise some working capital for their business and help with their cashflow. Their bank had refused to help them. We were able to consolidate their debts and raise £75,000 to re-invest into their business.
8 BEDROOM GUESTHOUSE IN WHICH THE OWNERS ALSO RESIDED
These clients had also been declined by their bank who they had been with for many many years. The applicants were advanced £380,000 on a valuation of £600,000. The husband and wife team had been in the industry for over 7 years. The applicants had a complete mortgage history but had incurred some County Court Judgements due to ill-health two years previous. The applicants were again refurbishing the property and used the additional capital to complete these works and add soft furnishings throughout the property. They had to self-declare their income. |
