March 3rd, 2018. Ben Lloyd
Deal of the Month: Property Sale Made Despite Initially Falling Through
If you’re turned down for finance it can be disappointing, but this deal of the month shows that with persistence a ‘no’ can be turned around.
About the Deal
Our client came to us seeking a £90,000 bridging loan to purchase a semi-detached cottage in a remote location after she had been let down by another broker.
The property she was looking to buy was a repossession that was in need of serious work, however she had not yet managed to sell her existing property. There were further complications as she had poor credit and had little to no funds available.
As a result, the existing mortgage lender wouldn’t send out permission for a second charge. But our Specialist Property Finance Advisor, Jamie Williams, wouldn’t take no for an answer. He rang everyone he possibly could that was linked to the company at a senior level until the issue was resolved.
Things then got even more complicated. A valuation of the property could not be made for six weeks and the lender wanted to charge £1,000. This was settled by getting together and agreeing an AVM, even though it was out of scope.
Then on the day of completion there was another blow. It was revealed that the lender who had repossessed the property did not have full permission to sell the property as the borrower had made a complaint (they didn’t agree to the sale price). As a result, the deal fell through and the funds had to be sent back.
Alas, this wasn’t the end for this case. Jamie contacted everyone involved in the sale, including solicitors, estate agents and the lender, and managed to turn it around.
Understandably, our client is now extremely happy and now has the keys to her country cottage.
In Complicated Circumstances and Need Commercial Finance?
Article By Ben Lloyd
March 3rd, 2018
Ben is the Director and Co-Founder of the Pure Group and Managing Director of Pure Property Finance.
Following a career in Barclays, where Ben was in the real estate finance team for 8 years, he decided that the market needed a more forward-thinking type of commercial brokerage so founded Pure Commercial Finance (now Pure Property Finance), the first company within the Pure Group.
Ben has extensive experience across the real estate sector and has participated in over £2bn of real estate transactions during the course of his career.
Ben oversees the general strategy at Pure Group and works with the senior leadership team to drive the Group forward. Ben is also on the Executive Committee of FIBA.See more articles by Ben