Bridging Success: Navigating Complexity with a £405k Loan

May 21, 2024

This particular deal was far from straightforward. It involved a purchase at full market value, complemented by gifted equity from the client’s parents. The intricacies multiplied with the need to amend several titles, surrender leases, and establish new ones. To add to the complexity, three distinct legal entities held ownership of the properties involved. However, thanks to the unwavering support of our lender, Glenhawk, the outstanding efforts of our BDM, Steve Wrigley, and underwriter, Harry Dick-Cleland, every hurdle was overcome.

Here’s a snapshot of the scenario: the client owned the bottom flat, while their parents owned the middle flat. Additionally, the client’s LTD company possessed the top flat. The vision was to integrate the bottom two flats, creating a spacious maisonette. The parents generously agreed to sell their portion to the client at the outstanding mortgage value of £205k, with the equity gifted. Furthermore, the client sought an additional £200k loan to refurbish the top flat for a business venture.

The total loan amount of £405k, structured over 12 months at a competitive rate of 0.84% per month, was secured. What’s noteworthy is the flexibility demonstrated by Glenhawk, facilitating the exit strategy through a residential and commercial refinance.