Serkan Osman, director at GFP, assisted the customer in buying a new home closer to their family without selling their existing main residence first.
The 56% LTV loan was provided by UTB, with total security at around £4m, and was secured against the client’s existing home which acted as an investment property, and the customer’s intended new main residence.
The facility had several possible exits, one of which included the sale of the former home and investment property, with other options including the refinance or sale of other investments and properties included in the borrowers’ portfolio — other assets were also sold to cover SDLT and other associated costs.
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Commenting on the deal, Serkan, said: “This case highlights the value of using an experienced broker like GFP. Exceptional industry knowledge assists with getting the less conventional transactions over the line for our clients.
“We understand the complex needs of HNW and UHNW individuals, and pride ourselves on finding efficient solutions, even in the most complicated situations. It was a pleasure working with UTB and together we were able to structure a swift and smooth solution providing the desired outcome for our client. We look forward to working with UTB again in the future.”
Paula Purdy, head of sales for bridging at UTB commented: “This deal called upon the team to show their expertise in delivering complex regulated bridging loans and demonstrated how experienced and knowledgeable intermediaries really add value to a complicated transaction.
“It was a pleasure to work with Serkan and GFP. Serkan was extremely helpful and responsive and clearly has his customers’ best interests at heart.
“He helped the whole process run smoothly from start to finish and we look forward to working with Serkan and GFP again.”
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