Large Capital Raising Request

The Client:

  • Residential property valued at £1,000,000
  • Existing mortgage balance of £540,000
  • Income of £154,000
  • Wanted to raise an additional £275,000​
The Issues:

  • Has credit cards and loans totalling £91,000
  • Resides in London during the week and at the weekend goes home to his family in Yorkshire
  • Spent excessively in both London and at the family home
  • Both his existing lender, and several alternatives, had declined to consider a remortgage or a further advance, due to the client’s credit score
  • Was 53 years old
The Solution:

  • A Second Charge Loan of £275,000 saving the client £2,000 per calendar month when his unsecured lending was repaid.

Urgent Capital Raising

The Client:
  • Residential property worth £630,000
  • Outstanding mortgage balance of £385,000
  • £100,000 urgently required to pay a tax bill
The Issues:

  • Needed to complete in three weeks
  • Had income was paid via an umbrella company, which resulted in a low level of taxable income
  • No Second Charge lender in the post-Mortgage Credit Directive climate had completed a deal of this nature
The Solution:

  • The client’s bank statements and contracts, which showed an income of £84,000. We found a lender willing to accept these as proof of earnings.
  • The loan completed within three weeks, with Shawbrook Bank, who have since added umbrella company deals to their criteria.

Raising Money For Business Purposes

The Client:

  • Residential property worth £450,000
  • Existing mortgage of £237,000
  • Wanted to raise an additional £75,000 for business purposes and to consolidate debt
  • Clean credit record
The Issues:

  • The husband showed an annual income of £23,000; his wife had no income
  • Couldn’t prove sufficient income to support the application
The Solution:

  • The client’s business was in fact doing better than was reflected in their accounts. Their accountant had proof that current trading was significantly improved and their forthcoming accounts were predicted to show an income of £49,500.
  • We could source two lenders who would work on projected income and therefore managed to secure the additional £75,000 needed by the client. 

Buy to Lets

The Client:

  • Client wanted to expand his Buy to Let portfolio
  • He needed to borrow £370,000 to purchase additional properties
The Issues:

  • Didn’t want to remortgage due to the competitive nature of their current mortgage deals, which would be lost if they changed lender.
  • Had very little declared income, which ruled out borrowing money against their main residence.
  • Wanted to keep arrangement fees and the interest rates as low as possible.
  • The client had been quoted broker fee of £2,995 per property by a different adviser.
The Solution:

  • We arranged for Buy To Let second charges across four existing properties. This kept the borrowing on each property under 65% loan to value, allowing us to secure a very competitive interest rate and Interest Only terms.

  • We also agreed a £995 fee, saving the client £10,985.​