• Broker
    The information contained in this area of our website is for FCA regulated brokers only and not intended for consumer usage.
  • Consumer

BRIGHTSTAR RAISE FUNDS FOR THE PURCHASE OF A GRADE II LISTED, 10 BEDROOM HALL WITHIN 28 DAYS

Objective

Our introducers’ client wanted to purchase a Grade II listed, 10 bedroom Hall with commercial aspects.  The client intended to live in the property upon completion, making this an FCA regulated loan requiring full advice and recommendation. The introducing broker did not hold the necessary FCA permissions, so referred the client to one of our short term lending specialists, Kit Thompson to provide the client with the required advice.

The extensive property estate, totalling 18.5 acres, includes a fishing lake, landscaped gardens, commercial outbuildings and parking.

The client required £500k on a £1m purchase price.

Obstacle

There were several obstacles with this case which included the need to complete within a strict 28 day deadline.  Unfortunately, there were timber and damp issues requiring a specialist report which would add delays.

The client had not yet sold their current residence and the deposit was coming from the sale of two other auction properties not charged by the new lender.

Outcome

Kit was able to source the required funds for the client at 50% LTV on a rate of 0.55% per month.  The interest and fees were rolled up until the sale of the clients current property so the proceeds could be used to repay the bridging facility.

The introducing broker was paid a referral fee totalling £3,800 (50/50 split, but facility fee was reduced for client from 2% to 1.5%)

 

FOR INTERMEDIARY USE AND NOT INTENDED FOR THE GENERAL PUBLIC

#madeeasy