An existing HNW client struggling to refinance their home due to a change of career, looking to repay their existing overdue mortgage.
Our client was in need of an urgently fast completion as their existing residential mortgage was already FOUR YEARS overdue on repayment, and they would soon be facing repossession orders if they were unable to either sell the property or refinance their loan. With a loan amount of over £1.4m, and needing finance as low-cost as possible, our experienced broker sought out bridging finance in an attempt to ease the pressure on the clients.
A tailored service was provided by our contacts at Masthaven, who assured us that they would be able to complete matters swiftly and without delay and also providing the lowest rate available for this type of finance. With a down-valuation causing problems with the amount of borrowing, and a change of title being required prior to draw-down, we entered into Covid-19 lockdown without completion set. Seeing lenders pulling out of the market completely, and others pulling back on complex lending, we feared the worst. However, Masthaven filled us with confidence, tackled all of the hurdles thrown their way and we managed to complete this matter successfully, giving our clients room to breathe.
Broker: Guy Nyirenda