The first charge loan was organised with an 18-month term and 72% LTV, with the borrower servicing the interest on a monthly basis.
The property is a large Grade II listed, two-storey detached main house with a detached one-bedroom annexe, set on approximately five acres of land.
The borrower, a business owner who owns three additional investment properties, was awaiting planning permission for a new build development scheme on the site — the intention was to sell the property with enhanced value once the planning approval was secured.
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The refinancing also gave the borrower the opportunity to capitalise on the anticipated uplift in the site’s value after planning approval.
Danny Sovitch, co-founder of Life Financial Solutions (pictured above, left), commented: “Inspired Lending’s ability to understand requirements, move quickly and offer a tailored loan facility was exactly what the borrower needed in this situation.
“The refinancing has positioned the client to maximise the property’s potential, while providing the time needed to finalise planning permissions.”
Gavin Diamond, CEO at Inspired Lending (pictured above, right), said: “We’re pleased to have supported the borrower with a solution that meets their short-term needs while enabling them to plan for the long term.”
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