Our client was looking to sell their main home and purchase a new main residence; however it was not a particularly good time for them to sell, yet the property they wanted would soon be snapped up if they didn’t move quickly.
In addition to the main home, the client owned multiple commercial properties through several different business structures.
The level of borrowing required at £1.4m was significantly beyond what would be considered by high street lenders on an affordability basis.
We introduced the client to a small private bank that was willing to look at their overall position rather than just focusing on income.
In order to satisfy LTV restrictions, the lender was willing to take several commercial assets as additional security, thereby offering the clients the full amount required to immediately purchase the new home and ensuring sufficiently flexible terms that meant part of the loan could be repaid upon the sale of the current home, freeing up all additional security at that point and leaving the client’s with just a traditional residential mortgage.
Not only was the lender willing to accept the commercial property as security, but they did so on competitive residential rates.