How we helped a client continue trading
The client is a landlord with a buy-to-let property in Greater London as well as a commercial unit with accommodation above in Lincoln. The client’s bank revalued the Lincoln property and due to a reduced valuation requested the business loan of £110,000 be settled within four weeks’. We carried out a valuation of the property, but as the client occupied more than 40% of the building we couldn’t take a Legal Charge over the property.
As the existing lender on the buy-to-let property would not give us consent to take a Legal Charge, we worked closely with the broker to re-finance the buy-to-let property in Greater London repaying the mortgage and also lent the client the funds to repay his business loan.
We were able to successfully release the required funds to the client in just over three weeks to enable him to continue trading in the shop. The client’s exit strategy is to arrange long term finance with a mainstream lender.
Funds required: £360,000
Time taken to complete: Just over three weeks
Loan duration: 12 months
Security: Buy-to-let property in Greater London
Charge: 1st Charge
90 Day Valuation: £480,000
Why our client chose Kuflink
The borrower needed to repay a loan to his existing lender as a matter of urgency and knew that we have a reputation of being able to turn around finance quickly.