Case Study: Overseas Directors Secure Renovation Funding at Speed
- Emily Jackson
- 12 hours ago
- 1 min read
The Deal
Two Hong Kong-based directors were acquiring a commercial property in Manchester city centre, with a renovation team ready to begin works. Timing was critical. However, delays in obtaining a formal credit report meant they were unable to proceed with their original low-rate funding option.
Recognising the urgency, Somo pivoted quickly to our Valuation Only™ product, enabling lending based on the strength of the asset at up to 70% LTV without requiring the outstanding credit documentation. To ensure a smooth process post-completion, we also appointed a UK-based process agent to act on the directors’ behalf.
By focusing on the property value and clear development strategy, we kept the transaction on track.
The Outcome
Somo delivered the full requested loan within the required timeframe, allowing the renovation works to commence without delay. The directors secured their investment opportunity and maintained momentum on their value-add strategy.
