Overcoming difficult hurdles – but we crossed the line in record time

We were approached by a client based in Dubai who was looking to refinance an existing loan held in their company name. The limited company owned a BTL investment property that was being financed through a bridging company. The main objective was to refinance the existing short-term loan and raise capital for other ventures.

There were some challenges from the outset when it came to sourcing a Lender due to the client being an expat and falling short of many of the lenders debt to service ratios, but that’s where drawing on experience and having an extensive lender panel helps. The High Street and Challenger Lenders did not have an appetite for the deal and it’s often in these situations that a lot of time is wasted if you don’t know where to turn at the outset.

Having spoken in detail with the client, we were able to source a Lender that offered favourable rates that the client was happy with and the lender worked closely with us to overcome additional obstacles that came to light. The client specifically requested interest only, had very tight timescales and the post property valuation required a structural engineers report. As the client was still in Dubai, we were able to help source a structural engineer and get this problem resolved before completion.

Upon the clients return to the UK, all legal paperwork was signed. Both sets of solicitors worked through with our completions team to get the legal requirements and freeholder consent satisfied in conjunction and the clients deadline was easily met.

Following on from this the case was passed for final sign off and the Lender agreed the release of funds. Although this particular deal was a challenge in many ways, the ability to not only understand the client but also the lenders, meant we were able to complete the deal and it was a successful result for our happy client.

If you have any complex deals or a tight timescale to meet, give Finance 4 Business a call on 0121 309 0444 or email enquiries@finance-4-business.co.uk.