From our very first discussions Steve listened to our requirements and our long-term goals and he provided us with a comprehensive plan of action for the type of mortgage that he thought would meet our needs.He was spot on!Throughout the process he communicated with us regularly, discussed and updated us throughout the whole process and gave us a level of service over and above our expectations.Steve is an extremely knowledgeable and professional financial adviser. He keeps himself up to date with the market and any new financial products that become available.We would have absolutely no hesitation in using and recommending Steve in the future.
Customer Type:
Property Developer & Professional Landlord
Category:
Development Exit Finance For Extended Sales & Marketing Period
Status:
Completed
Tags:
Gross Development Value (GDV)
1.6m
Loan To Value (LTV)
75%
Term
12 Months (1 Year)
About the project
Development Exit Finance Finsbury Park
An existing client contacted us, that had a development facility coming to an end and had gone over budget. For a standard LTV development exit finance product, it did not fit as loan to value was at 75%.
What we did
We refinanced the client from a principle lender (within the 30 days) to exit the loan onto a developer exit product. This gave them 12 months to sell the property and come out of his development finance product. As the landlord had a large portfolio in the background we were able to cross collateralisation a loan over multiple properties to put the loan to value in line with the lenders criteria.
Results
This gave the borrower a solution where he had an additional 12 months to sell the property, roll up the interest and not default on the development finance facility. He did have a sale in hand but required the time as the lender wanted the capital back.
Are you looking for a similar type of property finance?
As a specialist bridging loan adviser at Madison Carter Finance, I can take a 360 view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.