With the rise of buy-to-let mortgages, small business, the self-employed, who don’t necessarily tick all boxes the high street ask of them, there was a need for more flexibility from lenders. Short term finance particularly has grown in popularity and can be used for varying purposes.
Take the example below:
Claire was looking to add a Buy to Let to her property portfolio. She was struggling to secure funding that would allow her to complete within a tight deadline and against the open market value.
A lender had been sourced, valuation paid and carried out.
Then the words ‘we lend against the 180 day valuation’ were spoken.
Claire was stuck…
The solution:
We lend against the open market value* (valued by a registered RICS surveyor from our panel), not against the 180 or 90 day, meaning:
- We could help Claire raise the capital she needed.
- We accepted a retype of her existing valuation, saving her money and time.
We assessed Claire’s case and lent against the open market value, all in just 10 days from enquiry to completion. Claire was able to complete and pursue her dreams!
Do you have clients like Claire?
If so, we can help.
*subject to valuation being within 3 months, audit and retype fees.
Categories: SoMo News, Broker News, Investor News
