April 30th, 2016.
Deal of the Month: Poor Credit Rating Hurdled Successfully for Developer
Building an extra property needs extra funds, especially if that’s going to help you out of financial difficulty. That’s what we organised for a client who needed some additional funding to enable her to submit a planning application for a new-build adjacent to her existing buy-to-let property.
Using the buy-to-let as security, we organised a bridging loan that allowed the existing borrowing to be refinanced and made additional funding available to pay for the planning application.
Even though the client had adverse credit ratings and was in default on several loans, our Property Finance Specialist Colin made sure the deal was completed successfully.
Since then loan came through, it has now been repaid through the sale of the old residence and the client is currently building her new house right next to her investment property.