Loan: Development refinance
Term: 10 years
For large loans such as this, it can be a lengthy and complex process even for the most experienced intermediaries, but with the complication of refinancing 44 separate flats, it needed exceptional expertise. The following case highlights how Vantage, master broker of specialist finance was able to streamline the process, and quickly obtain the required finance, and dramatically decrease the property developer's monthly payments.
An experienced property developer, and existing customer, trading as a limited company. The business had completed a number of projects over the course of their ten-year plus history, including a beautiful development in East London, comprising of 160 flats.
They had successfully sold 116 units but were looking to refinance the remaining 44 to exit the development finance facility currently in place.
The logistics were complicated due to the site still selling and the developer not wanting to halt sales until the finance was agreed. Therefore we decided to value all the remaining units with a view that this could change throughout the life of processing the loan.
We agreed to create a comprehensive summary for our chosen lender to go into their credit committee early to assess appetite and avoid wasting time with a full application.
We had a positive outcome albeit the loan was initially capped slightly below where we had pitched it, which we managed to later overturn. We also agreed with the lender to use a previous valuer, which helped save the client time and money.
Having worked with the client before we were familiar with their profile which helped expedite the application through to completion. We built an attractive case for the lender and facilitated a deal of 72.2% of the aggregate value of the units - despite the exposure level being all 44 remaining properties – in just six weeks.
This case needed our expertise. Working with Vantage provided the client with specialist knowledge, fast completion and the highest level of customer service in the industry. Our 5-star Feefo reviews show precisely how satisfied our customers are and why they keep on returning.
This case moved quickly because of the team’s efficiency, urgency and first-class service. It allowed the client to significantly save on his monthly payments by exiting the development finance facility and enter into a longer-term solution.
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