February 19th, 2018. Luke Egan
Deal of the Month: Fast Property Finance to Purchase a Castle
Sometimes securing finance for a property that doesn’t ‘fit the mould’ can be tricky. High street lenders can be reticent to accept applications on period or listed properties, as well as unique constructions.
However, as a specialist commercial finance brokerage, when a client recently came to us regarding the purchase of a property which was both of these things, we knew we could help.
How We Helped Our Clients Become King and Queen of The Castle
Our client approached us because his previous broker couldn’t secure a bridging loan and, as the client does not use computers at all, they needed some specialist help securing finance. The previous broker has encountered issues as lenders did not want to take on such a unique property in such a location.
So, what is so special about this property? Well, the client required a loan to purchase a rural house set in 24 acres of land in West Wales. On this land there were multiple outbuildings, as well as a historic motte and bailey castle.
Our client wanted to raise money to buy the property by applying for a bridging loan secured against their existing home. Once moved and the existing property is sold, they will repay the loan.
And that is exactly what we achieved. Our Head of Specialist Property Finance, Luke Egan, secured the finance that was required and the client has been able to make an offer on their dream property.
Need Finance to Purchase an Unusual Property?
Article By Luke Egan
February 19th, 2018
Luke heads up our specialist property finance team where his focus is to drive our transactions valued between £100k and £5m.
Luke and his team manage enquiries from initial enquiry through to redemption. Luke also sits on the internal credit committee with Ben and Tom.
Luke joined Pure back in 2014 following a successful role in the Barclays property finance team that lasted over 8 years.See more articles by Luke