Date: 27TH April 2023
Broker: Narinder Gill
Lender: Specialist Bank
Loan amount: £4,650,000
Structure: Regulated Bridging Loan (Cross-Charged)
Asset Class: Residential
Coreco Specialist were referred to by a Private Bank for a UNHW requiring assistance in settling their Residential Mortgage. The client had come to the end of their mortgage term but decided they wanted to sell the security alongside another property and relocate.
Given the collective value of the property (£10.5m) and the high value of the apartments, the client did want to rush into any sale and wanted the flexibility of being able to sell the property within a 12-month period obtaining the best possible offer.
The client was aware that the Prime Central London Market was quite turbulent- primarily down to instability and increased lending costs being felt by international and domestic borrowers.
The property received a slight down valuation which meant the lending rate was unobtainable and therefore significantly increased the annual cost of the facility.
We worked with a specialist bank in restructuring the facility and offering additional security being able to draw down on the bespoke rate and lend. This allowed for the current lender to be redeemed and gave plenty of time for the client to obtain the right sale price for the Apartment – for which we were very pleased upon receiving news of the apartment being under offer at full asking price in the weeks following completion.
This was a great outcome for the client and really highlighted the strength of the relationship between the Broker and the Lender to obtain the best possible outcome for the borrower.