The client:
The client had seen an attractive investment opportunity which was a large multistorey office block, in a city centre location which was in the process of being converted into multiple flats. Our client was a portfolio landlord with a spread of existing properties from traditional Buy to Lets to Serviced Accommodation, both in personal names and also a limited company.
The Scenario:
The key element to this case was to find a lender who was comfortable with this type of property as a security. Not only is it a converted building but one that is potentially considered to be investor led. This limits the lenders we could approach as some would not like the fact it is a converted building and some steer clear of investment led developments as when the time eventually came to sell it on, it would limit potential buyers.
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The Solution:
Due to our access to lenders’ Business Development Managers and being a whole-of market-broker who works with all 300+ lenders; not only were we able to discover a lender that would consider this kind of property, but also we found one that was most likely to accept ‘subject to valuation’. Our client was made aware the application would be subject to valuation and was happy to move forward with the risk as the opportunity was too good to turn down.
Summary:
Many investors looking to purchase properties of this kind unfortunately have their mortgage applications declined when it comes to the valuation stage. Using a suitable lender who is comfortable with this kind of development is key. As a whole of market broker, we can approach these specialist lenders and discuss in person to find the best suitable lender for our clients.
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