Second charge business loan for self-employed developer

THE SCENARIO

My client’s home was a beautiful property valued at £2.5million, which he intended to use as security for the loan. However, there were several issues to overcome. My client was self-employed with no demonstrable income, generating his wealth through development projects. This is not an unusual problem to encounter, so I was confident we could deal with this. Another problem on this case was somewhat more unusual. As my client’s eldest child was an occupier of the property, my client’s son also needed to sign a consent form to use the property as security for the loan. Unfortunately, my client’s son was travelling in a remote country and was unable to sign the occupier consent form.

OUR SOLUTION

Fortunately, during my 25 years in the industry, I have developed excellent relationships with senior figures at a number of key lenders. I was able to liaise directly with the CEO of a suitable lender. This lender offers non-status loans so they did not need to see proof in income, and due to the strength of my relationship with them, this lender is willing to provide creative solutions to accommodate rapid turnaround for my clients. In light of this, the lender agreed to do a recorded Skype call with my client’s son for him to verbally provide consent. This would facilitate completion, and he could then sign the form properly upon his return. I negotiated a custom rate directly with the CEO, securing my client bridging finance at 0.95% per month for 12 months. This was a great resolution, and proves how our lender relationships allow us to overcome the most unusual of problems.

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