Situation

When a successful developer spotted an opportunity to buy a new development project, they needed to act fast. They had to have the funds within two weeks by remortaging one of their other developments which included both residential and commercial property.

Product

As the remortgaged development included both residential and commercial property, our Semi-Commercial Mortgage perfectly suited the customer’s needs.

Outcome

Aware of the tight timescales, we were able to act quickly. The application was processed within two weeks, allowing the customer to successfully purchase the new development.

Loan amount:

£700,000

Property value:

£1,000,000

Loan to Value (LTV)

70%

Product

Remortgage

Term

5 years

Monthly mortgage payments

£3,459

Borrower

Private sole trader

Property type

Semi-commercial

Rate arranged

5.85%

Lender arrangement fee

1.7%

Application to offer

1 working day