Hope funds purchase of new build flat for foreign buyer

Facility

£532,500

Loan Term

4 months

LTV

75%

Issue

The client was purchasing a new build flat in a large block in Whitechapel, London. He has applied for funding from a mainstream lender, by tut was taking too long and he needed to meet a tight deadline completion.

Solution

The client’s broker came to Hope Capital as they needed a very quick, speedy service. Hope Capital agreed on a 75% loan to value, which was up to a maximum of 100% of the purchase price to allow the clients – who were foreign nationals with no presence in the UK – to complete on the property within the timescales.

During the process, there were a few stumbling blocks with both the client’s solicitor and the valuation, but we all worked as a team, client, broker and Hope Capital to give the clients the maximum loan we could in the quickest time we could.

Result

Hope Capital worked hard to turn things around and was ready to fund the deal to meet the original deadline. However, a legal issue with some missing paperwork from the seller delayed the completion for a further 10 days. As soon as the legals were in place, completion took place the following day.

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Maria Magnussen

Maria is responsible for developing new business across London and the south. She has worked in financial services for over 25 years and is a specialist in bridging finance.

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