Situation:
The broker’s client had recently renovated a barn on farm land, and were looking to raise finance against the completed build, to finish the landscaping and repay previously borrowed funds.
Challenge:
The case had stalled with other lenders, only getting as far as the valuation stage three times, due to the agricultural restriction on the property. This resulted in a reduced value; a property like this can only be purchased by someone working in the agricultural sector, which is a scenario that some lenders can’t help with.
Solution:
We hadn’t worked with the broker for some time, but they were keen to reconnect with us, once they saw our competitive rates and improved process. After meeting with the clients to get a full picture of their situation and plans, we were quickly able to agree a two year fixed rate over 35 years. We dealt directly with Land Registry for the client, to expedite updates needed to the information held about the property, reducing the usual 10-12 week turnaround time to just 10 days.