Experienced developer had been declined by its bank as they were not lending in the sector. Based upon previous track record and his professional team a loan of 100% of build costs and fees was agreed with a specialist property lender.
I deal with bridging finance risks on a daily basis. A lot of landlords don’t like bridging, others do and the purpose of this post is not to sell the concept but to make people aware of some of the pitfalls when signing an agreement. Like everything in life the vast majority of lenders and… Read More »
Saffron who have a really competitive refurbishment product has dropped its minimum income requirement . You have to go via a very limited panel of mortgage brokers to access this and we are proud to be one of these. They will lend up to 75% on refurbishment and also 80% on standard buy to let… Read More »
We were approached by a residential mortgage broker who had a client that had purchased a residential investment property at auction. They thought they would be able to obtain finance from their bank but their request was declined. Due to the tight deadline bridging finance was considered but we were confident that we could raise… Read More »
A corporate finance house in Manchester had a client who was buying a business in the South West. They had been let down by a Venture Capital company and were looking for alternative funding. The purchaser had a property with no mortgage and wanted to obtain a bridging loan of £900,000 quickly. Other lenders and brokers had… Read More »
We were approached by an IFA who had tried to obtain bridging finance of £350,000 on a property bought at auction. The client and IFA had approached lenders direct and the IFA had gone to a specialist bridging firm who couldn’t help. A 10% deposit had been paid at auction and we had less than two weeks to obtain the finance. The buyer was very anxious about losing the deposit and being sued… Read More »
Getting the business finance you need can be stressful enough and when agreed the automatic reaction is one of relief and lets get it done as quickly as possible. If you have just approached your own bank then you may be in for a surprise later down the line. To most people a 15 year loan is a… Read More »
Manchester based property investor required a buy to let loan to repay bridging finance. Due to his profession and the large number of properties he owned within his existing portfolio he had been turned down by lenders. The bridging company was putting pressure on the client for repayment. We quickly sourced an alternative lender from… Read More »
We all understand why property is not flavour of the month for a lot of lenders with bad debts, questions over values and a lack of demand for new build due to restrictions in mortgage lending, but we are seeing many long established landlords having their funding lines cut. The number of new clients we… Read More »
Bridging loan to Torquay based developer to repay existing development loan with another lender which had expired. Introduced to us by their residential broker.Negotiated with lenders to reduce the number of properties held as security thus maximising remortgage options and reducing the amount of interest charged. Agreed over a nine month term which was sufficient time… Read More »
We were introduced to a Cheshire based day nursery group. They had a recent history of low profitability and losses due to “tax planning”. They required a commercial mortgage to move premises as they had outgrown their current home. Due to the lack of profits in their accounts, they had been declined by several lenders.… Read More »
Searchlight Finance Limited is registered in England and Wales No.07929050
Searchlight Finance Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (http://www.fca.org.uk/register) under reference 743220. The FCA do not regulate Business Buy to Let Mortgages or most Commercial Mortgages and Bridging Finance.
ICO Number Z3109319. Your property may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.