Part built / Self Build / New Build / Default / Repossession / Court

You’re being threatened with repossession from a bridging lender on a property you’re halfway through building – what on earth can be done?

The challenge

• Unusual construction type.
• Part built new build.
• Self-build.
• Loan level above lender maximum loans.
• Bridging loan in default with threat of repossession and upcoming court date.
• Didn’t draw a lot from the business to show meaningful salary and dividends.
• Had been to many other brokers before who couldn’t help.

The solution

We found a lender!

• Could use net profits from the business instead if relying on dividends.
• Got comfort with the unusual property type, and with all the reports on how the build had progressed to that point.
• Lender could go above their maximum as they understood the merits of the case.
• Provide comfort to the existing bridging lender that progress was being made.
• Moved this quickly enough to get to offer and completion, and avoid repossession.
• Provided an introduction to an insurance broker who placed the insurance the lender needed despite others struggling.

After thought

This particular borrower was under a lot of pressure, and somewhat resigned to losing his home especially when so many other brokers had tried and not been able to help, or not even tried at all.

We specialise in extremely complex and often stressful situations and come up with solutions that all parties are happy with.

We know a good deal when we see one, and don’t rest until we have a solution. This doesn’t always means we find one, but we try our hardest nonetheless, and more often than not, we succeed where most brokers fail.

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David was absolutely amazing, from helping us find the right mortgage, to advising us, to being on hand for silly questions we had. Nothing was too much trouble for him. I will absolutely be recommending him to our friends.

Frederica Turner