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15 Hour Completion

CHRISTMAS COMES EARLY FOR CRYSTAL CLIENT WITH RECORD 15-HOUR TURNAROUND Christmas has come early for a client of Crystal Specialist Finance (CSF) after a stalled £748,870 deal was picked up and turned around in just 15 hours. The broker’s client, who required the funds to redeem a second charge bridging loan and to raise capital for business purposes, contacted CSF at 17:30 on a Friday evening with the money drawdown on Tuesday afternoon. Early on the Monday, specialist lender Together took the short-term commercial loan case to offer immediately after which all searches were undertaken with the client signing the mortgage documents at his solicitor’s premises on the evening. A fresh valuation was undertaken on the Tuesday morning with the lender agreeing to accept verbal...

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,...

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.