£933,000 2nd charge loan for high net worth client
Client Circumstances:
- Residential property worth £2.6 million
- Outstanding mortgage balance of £800k interest only
- £933,000 urgently required to repay existing 2nd charge bridge
Issues - The Client:
- The Client needed to complete in in a quick time frame to avoid huge interest accruing on the bridge
- Outside of lenders criteria
The Solution:
- A 4.24% fixed rate for 2 years saving the client thousands in rolled up in interest and avoiding them having to sell shares in his business to repay bridge
- The loan completed within 6 weeks, with Optimum Credit, who renegotiated their funding guidelines with the wholesale markets to accommodate the deal