A Kent Dual+ Completion Helps Shape our Wider Product
A recent Dual+ completion in Kent was straightforward in principle, but it’s exactly the kind of deal the product was built for, and its success has helped shape how far we now take it.
Jo Powell of Brightstar introduced the case on behalf of an experienced borrower repositioning part of their portfolio to National Account Manager, David Weir. With the previous tenant having moved out, the borrower no longer had rental income to service the existing mortgage on the property while it remained on the market for sale, and needed a fast, cost-efficient solution to bridge the gap.
We structured a Dual+ facility at 65% LTV over a 12-month term, with interest deducted at 0.79% rather than serviced, so the borrower wouldn’t run into the same cash flow pressure they’d faced with the repaid mortgage. A day one advance of £180,000 was used to settle the existing mortgage and release capital to support costs across the rest of the borrower’s portfolio.
Dual legal representation, title insurance and an instant valuation, both standard on Dual+, kept the process fast and cost-efficient for the borrower, avoiding the timeframe and expense that would ordinarily come with a full valuation and sole legal representation. Bethan Watt at Bexley Beaumont acted as solicitor on the case. Solicitor fees were priced off our fixed Dual+ fee scale, for certainty of cost of legals for the borrower.
Underwriter Stacey Bradwell worked closely with Jo Powell and Bethan Watt throughout to keep the case moving efficiently to completion.
It’s completions like this one that demonstrate the strength of Dual+ on exactly the type of deal it was designed for, and its success on cases like this has led us to expand the product significantly. Dual legal representation and no-cost instant valuations are now available up to £1m, increased from £500,000, and residential loans up to the same £1m limit no longer require an upfront legal undertaking. The product is also now available across Scotland, alongside England and Wales.