Situation:
A wealthy individual with a business that some lenders would consider higher risk, the customer’s broker approached us to help them secure a one-of-a-kind property, which would eventually become a dream family home.
Challenge:
The customer’s business was in a sector which some lenders would consider challenging and the property was semi-commercial, with a major conversion planned to return it to a residential home. Investigating other lenders had taken time, so a quick turnaround was needed to make sure the customer’s dream remained a reality.
Solution:
Investing time to get to know the customer meant we were really able to get under the skin of their business, giving us a full understanding of any risks, to make a pragmatic decision to lend. We’re used to dealing with properties like this and we were comfortable with the plans the customer had for it. Working closely with the broker, our local credit team and local surveyors, we were able to agree a facility of £4.7m within a week, and issue an offer letter in under a month.