The Case: A directly authorised mortgage broker referred a client who was looking to raise £50,000 to purchase a BTL. Client’s only security was his residential home and to complicate the case further the client advised us he had only been self-employed for four months.
The Solution: We placed this case with one of our lenders who offer a residential business loan product on a 2nd charge basis up to 75% LTV and advised the client that we could accept an accountants certificate projecting the current year’s net profit which was acceptable to the lender following a referral.
Outcome: The client’s accountant provided an accountants certificate and our lender offered terms at 7.99% variable, which is our exclusive semi commercial rate. The client was very pleased with this solution and the introducing broker was very happy too as mainstream lenders could not help and the deal completed within three weeks.