Featured, Mortgage Guide
Date: 27TH April 2023
Broker: Narinder Gill
Lender: Specialist Bank
Loan amount: £4,650,000
Structure: Regulated Bridging Loan (Cross-Charged)
Asset Class: Residential
Coreco Specialist were referred to by a Private Bank for a UNHW requiring assistance is settling their Residential Mortgage. The client had come to the end of their mortgage term but decided they wanted to sell the security alongside another property and relocate.
Given the collective value of the property (£10.5m) and high value of the apartments the client did want to rush into any sale and wanted the flexibility of being able to sell the property within a 12-month period obtaining the best possible offer.
The client was aware that the Prime Central London Market was quite turbulent- primarily down to instability and increased lending costs being felt by international and domestic borrowers.
The property received a slight down valuation for which meant the lending rate was unobtainable and therefore significantly increased the annual cost of the facility.
We worked with a specialist bank in restructuring the facility and offering additional security being able to drawdown on the bespoke rate and lend. This allowed for the current lender to be redeemed and gave plenty of time for the client to obtain the right sale price for the Apartment – for which we were very pleased upon receiving news of the apartment being under offer at full asking price in the weeks following completion.
This was a great outcome for the client and really highlighted the strength of relationship between Broker and Lender to obtain the best possible outcome for the borrower.
Narinder is an Associate within the Commercial Team at Coreco Specialist Finance. He assists HNW and UHNW clients with their large portfolio and complex lending requirements. He specialises in complex/portfolio Buy to Let mortgages (including Ltd Co/SPV), HMO’s and Bridging finance. Narinder also advises on all Commercial, Semi-Commercial, and Development finance. The ‘go to’ Broker for the more technically challenged lending requirements, frequently providing bespoke/structured lending solutions. After graduating from the University of Kent with a LLB (Hons) in Law and College of Law (LPC) Narinder joined The Law Society & Royal Courts of Justice in London. After working in the legal sector Narinder pursued a career as a Mortgage Broker and quickly became CeMAP qualified. Prior to joining Coreco Specialist Finance, Narinder was a Senior Broker at Mortgages for Business and Countrywide Mortgage services where he assisted in Residential, Specialist BTL & Commercial Finance. Narinder is a member of the London Institute of Banking & Finance. Outside of work, Narinder is an avid golfer having captained his University and Club Scratch team and competes in County tournaments.
Read more posts by Narinder
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