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£5.4m Ex-pat Re-bridge in 15 days

CRYSTAL SPECIALIST FINANCE COMPLETES £5.4M EXPAT REBRIDGE IN 15 DAYS An ex-pat borrower has boosted the value of a luxury apartment in central London after completing a £5.4million re-bridge with Crystal Specialist Finance (CSF). The Monaco-based businessman required the funds to clear an existing £5m bridging loan, with the remainder paying for a substantial refurbishment of the flat. Once completed, the work should see the property’s value rise from £10m to £12.5m. As the client is an ex-pat and the asset owned by an offshore limited liability company (LLC) Crystal worked with specialist lender Together which approved the application following an offshore opinion within 15 days. Jo Breeden, Managing Director of CSF, said: “The deal was in an area of strong purchase demand. The client...

A Tasty Deal with The Food Group

UTILISING SECOND CHARGES ON BOSSES RESIDENTIAL HOMES Nine directors of the same company have secured a £1million funding package - through second charge loans secured against their homes - to expand their growing food business. The bosses at The Food Group needed £750,000 to clear an existing bridging loan and another £250,000 to invest back into their business, a supplier to the catering industry based in the West Midlands. They brought the complex deal to specialist distributer Crystal Specialist Finance (CSF) which approached Together. The lender recommended its homeowner business loan product for the directors, allowing them to borrow against residential property for commercial purposes. Their application was split into two linked cases to make sure all the company directors received the lowest possible rates,...

Large Residential Development

LARGE RESIDENTIAL DEVELOPMENT We take a look at a large development project case converting commercial offices into residential homes. Crystal secured deals totalling over £9.1m to ensure the successful purchase and development of a largescale residential project for an established property developer. The overall gross development value of the project was over £18m and included a change of use from office (Class B1) to residential (Class C3), which comprised of 33 one, two and three bed dwellings. Solution A £3m bridge was agreed to ensure a successful acquisition of the Grade II listed building, despite a pending planning application decision which was ultimately agreed. This was followed by a further development finance loan structed to clear the existing finance agreement with an extra £1.9m released...

Complex land titles

DEVELOPMENT SAVED WITH NEW LENDER A broker approached us with a client who was looking to finance a development project in South Birmingham. Planning permission for 7 houses and 1 apartment had been granted and the construction had already started. During the initial solicitors’ enquiries, it came to light that there were two areas of unregistered land that fell directly on the dwelling. Even though the client had the relevant indemnities in place to cover this, the lender refused to progress the case and the development was at risk of being aborted. Solution Our development finance team arranged for the new lender’s solicitor to review the land titles prior to the new valuation at no cost to the client. The solicitor advised us to obtain a valuation...

Commercial Bridging Loan

MAXIMUM NET ADVANCE, MINIMUM COST One of our brokers contacted us to help him arrange a commercial loan for a client who had been let down by a lender at the last minute. The client needed the loan to repay an investor who lent him the funds to buy six retail units at an auction. The deadline was fast approaching and failing to repay on time would have meant substantial penalties. Solution The quickest option was to arrange a bridging loan. We managed to find a lender that was willing to take a comfort charge on another property, even though this was already mortgaged to 70% LTV. The solicitors were instructed within 3 working days and the bridging loan arranged was on 4 months retained and 8 months serviced...

Homeowner business loan

USING THE BUSINESS OWNERS HOME AS SECURITY We were approached for a £1m unsecured facility for an ice cream business to purchase new machinery, however had been declined by the main unsecured lenders. The business had 10 shareholders who could act as guarantor, all homeowners, however their wives were not happy to be guarantors. We sourced a £1m homeowner business loan to the Limited Company, secured on 8 properties, without the wives being applicants. This was done at 5.99% - so cheaper than unsecured borrowing – on an interest only basis for 10 years. The matter was even more complicated by the discovery of mild adverse for one shareholder, however the deal was restructured to allow this to continue.

Land with residential properties

LARGE PROPERTY GROUNDS RESOLVED THROUGH SPECIALIST LENDER A broker approached us as he was struggling to place a property set in 5 acres of land. The client was clean, good income, no issues – other than the large plot on which the property sat. The land was not used for anything other than being the property grounds. Outcome: We placed the case with a specialist residential lender at 3.59%. The lender was happy with both the client profile, and the specialist nature of the security, and completed with a free valuation in just 4 weeks.

Complex made simple

A CHANGE OF HEART LEADS TO A COMPLEX SITUATION We were approached by a broker to help his client – a 67-year-old dentist living in London - who was approaching the end of the term on his residential interest-only mortgage. The original plan was for him to retire and downsize outside of London, however the client changed his mind. He saw the potential to stay in his business due to technological improvements, which resulted in him wanting to remortgage for 5 years. Issues Faced: Age Term Had been running his business down due to retirement Outcome We discussed the case with a lender on panel and created a bespoke 5 year interest-only mortgage, not on-plan for the lender and ticking all of the clients boxes.

Expat Buy to Let

EXPAT WANTED TO PURCHASE A PROPERTY FOR BTL IN THE UK We were approached by a new build broker, looking to place a case for an ExPat client. The client was a teacher in Australia, had been there for a number of years, and wanted to take advantage of an opportunity in the midlands. They were attracted by the yield, the quality of the property, and knew the area well from family visits previously. Outcome We placed the case at 75% LTV at 3.79% on a fixed rate buy to let.

Overseas National’s Buy-to-Let Portfolio

A LARGE PORTFOLIO WITH A COMPLICATED OVERSEAS STRUCTURE The case was for a BVI registered limited company with 3 directors based in Singapore looking to remortgage a £5m portfolio to redeem the various existing lenders, but also to release capital to purchase additional property. Added to the complexity was the need to topslice rental income to service the loan. Outcome We housed the case at the full loan amount, utilising a lender who took a commercial view on the rent and experience, and sourced offshore opinion letters to confirm the structure. All of this was done in 3 weeks from application meaning the client could purchase quickly.
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