Private Bank Win for HNW Clients
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Private Bank Win For HNW Clients
After being let down by a high street bank, our potential clients contacted us following a google search. They were looking to obtain the finance they needed to secure their ‘forever dream home’ located in an idyllic village in Oxfordshire.
Originally this enquiry was to obtain a bridging loan to purchase the property quickly, but at the same time presenting an element of risk as our clients would require an exit route – which at this stage certainly wasn’t apparent given the type of properties on offer here.
The dream home, with a price tag of £1.5 million, comprised a farmhouse to live in and also included a number of outbuildings plus several acres. Our potential clients at this stage required finance of £700k to secure the property quickly, a key requirement being without having to sell their current residence. We also needed to move quickly to fend off any other possible suitors as the property was highly desirable – and our clients were smitten.
A truly unique freehold purchase as the acquisition included three converted outbuildings that were already income-producing and let out to tenants on Assured Shorthold Tenancy agreements (AST), which the client was looking to honour as part of the purchase agreement.
This presented the challenge of not comfortably falling into the category of either Residential or Buy to Let lending, since all properties were on the one title.
Although certainly high net worth, our client’s income also presented unique challenges being primarily generated via director’s salary and dividends from a limited company, however from an industry that was significantly affected by the COVID-19 pandemic.
And after an initial phone call with Gary Markie here, one of our mortgage specialists with an abundance of both Residential and Buy to Let experience, Gary was able to ascertain all of the key information to help the client avoid common criteria pitfalls and mitigate unnecessary delays.
With an impressive background in handling high net worth complex purchases with first-class due diligence, Gary was quick to put the bridging finance on hold for a short period, just to see if he could bypass the costs involved here. By leveraging all of his contacts within specialist mortgage lenders and private banks he started to identify which would be open to negotiating terms on this application given all of the complexities of the purchase, balanced against the merits put forward by Gary. Of course, there was some uncertainty surrounding future income due to the pandemic, but Gary felt this was the right course of action rather than go down the easier and more expensive route of Bridging – which could have created issues with the all-important exit missing.
Given the desirability of the property and the strength of Gary’s comprehensive correspondence with the lenders, specialist lender Investec was more than happy to look at the application in-depth for a bespoke hybrid deal, if the client could provide additional financial documentation surrounding cash flow statements and management accounts, together with background details of liquid assets.
Determined to make the process as seamless as possible for the client, Gary went above and beyond to work directly with the client’s accountant to provide solid evidence of the previous income, a concise business plan for the future and assurances from the accountant of the profitability of the business to quell any affordability concerns.
Never phased by complexity, Gary’s hard work, clear communication and dedication proved triumphant and the application was approved with Investec for the full amount required. This ultimately saved our clients around £27-£29,000 in fees and interest should they have been in a Bridging loan for around 3 months.
Having initially been let down by a high street lender, with Gary’s expertise our clients were able to secure the funding and bypass the need for Bridging Finance. Our clients have now moved into their beautiful new home and we wish them many years of happiness there.
But it doesn’t stop there. So impressed with Gary’s diligence, dedication and tenacity, Gary received a wonderful surprise thank you gift in the post containing a case of ales for him to enjoy, a gift we know he thoroughly enjoyed. Impressive work and another very happy client.
What The Client Said
⭐️⭐️⭐️⭐️⭐️ “A very thorough and professional service from Gary and Amy throughout a challenging financial period. Our mortgage was a complex one and the team worked tirelessly to get us into our ‘forever home’. A huge thank you.”
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Whether you are looking for your next Buy to Let or Residential purchase, you can benefit from Gary’s expertise with one quick call. To start your application, call us today on 08009499410 If you are in a hurry, you can also request a callback by simply entering your details below.