Urgent capital raising
Client Circumstances:
- Residential property worth £630,000
- Outstanding mortgage balance of £385,000
- £100,000 urgently required to pay a tax bill
Issues:
- The Client needed to complete in three weeks
- The Client had income which was paid via an umbrella company, which resulted in a low level of taxable income
- No Second Charge lender in the post-Mortgage Credit Directive climate had completed a deal of this nature
The Solution:
- The client’s bank statements and contracts, which showed an income of £84,000. We found a lender willing to accept these as proof of earnings.
- The loan completed within three weeks, with Shawbrook Bank, who have since added umbrella company deals to their criteria.