Brightstar were able to obtain short term finance with an alternative provider at 70% Gross LTV of the agreed £435,000 combined purchase price. The rate offered was 0.85% per month for a 12-month term.
The new lender was comfortable that the pre agreed onward sale of the assets was a strong exit strategy for the short-term finance; Brightstar also sourced a refinance option as secondary repayment method should the need arise.
The lender also accepted a re-type of the existing valuation which were able to secure directly from the valuer. From initial enquiry to completion took us just five working days to fund the loan resulting in the clients being able to proceed with their purchases.
The introducing broker received £2400 for referring Mr & Mrs X to Brightstar, where we managed the case from enquiry to completion, including the required advice process.
FOR INTERMEDIAIES ONLY AND NOT INTENDED FOR THE GENERAL PUBLIC