The client – who had a failed business and resultant mortgage arrears – was facing the threat of repossession.
HFBS was able to complete the deal in five working days at 55% LTV.
Two properties were sold, allowing the loan to be paid off promptly.
Dan Yendall-Collings, senior underwriter at HFBS, said: “We’re always cautious when a client is in severe difficulty.
- HFBS provides £195,000 bridge for developer
- HFBS approves £40,000 cash injection for wholesale business
- HFBS provides £150,000 loan for business relocation
“Unfortunately for our client, his business had failed resulting in sole reliance on the rental income from his BTL portfolio.
“Regrettably, it was a struggle and led to mortgage, ground rent and service charge arrears.
“We met to discuss his plan of action and agreed to clear his debts while he freed up a significant amount of cash from the sale of two properties from his portfolio.”
Leave a comment