Having a UK non-resident get their refinance underway
FACILITY
£420,000
LOAN TERM
12 months
LTV
75%
Situation
Many of the solutions we use to help clients achieve their goals are really just common sense – looking at the situation with clear eyes and communicating effectively with everyone involved.
In this instance the client’s challenge was quite straightforward – they needed a loan to repay an existing charge with another lender, before using the remaining funds for an additional property purchase. Not being a UK resident and spending a lot of time out of the country made things a little more challenging, but nothing a bit of straightforward thinking couldn’t overcome.
Solution
Having dealt with the borrower on a previous loan (which they repaid ahead of the due date), we had no concerns in agreeing to 75% LTV over 12 months. Keeping in touch with them despite the time difference made it a lot easier to communicate when a CCJ cropped up before completion. The client was struggling to find evidence of their payment for it, so to avoid additional delays we withheld the £14k until they produced a certificate of satisfaction a few days after completion.
Result
With the client out of the UK for six weeks, and their solicitor going on holiday too, the circumstances weren’t ideal. But we still managed to complete the deal in nine days once everything was lined up.