UTB’s Bridging division was approached by Coreco Specialist Finance acting on behalf of a couple who wished to repay an expired first charge secured on their penthouse apartment in central London.
The couple have several homes but found that they were using the London apartment infrequently, choosing to spend more of their time at their main residence in the North-East. The £4.65m first charge on the apartment expired at the start of the year and although their lender was happy to give a short extension to the term, the customers wanted more time to properly market the exceptional £9.2m penthouse in order to achieve the best possible selling price without having to rush.
Aside from the equity in their properties, the couple’s capital was largely tied up in various income producing investments which they preferred not to crystalise. Having discussed their options with Coreco, they decided that a regulated bridging facility would give them the funds they needed and be a quick, flexible, and competitive solution.
The customers were able to offer additional security by way of a studio apartment they own in the same building which they were keeping, and this reduced the LTV to just below 50%, enabling them to access an even lower interest rate.
|Borrower||High Net Worth Individuals|
|Loan Type||Regulated Bridging Loan|
|Loan Purpose||Refinance of expired first charge|
|Special Features||• Introduced by Coreco Specialist Finance|
• Secured against two properties