Featured, Mortgage Guide
The client: A charitable trust that owns a number of properties. Three experienced Trustees manage the Charitable Trust however they are not landlords. The Trust owns 185 acres which have a number of properties on, all on their own titles. The Trust is an existing borrower of Hampshire Trust Bank (HTB).
Requirement: Refinance of an existing facility with additional lending required for activities of the trust.
The complexities: As the borrower is a charitable trust only specialist lenders would consider the long term facility and HTB was the only lender able to offer a 25 year committed term. Downvaluation meant a reduction in LTV from the original loan but HTB was happy to lend on the higher LTV basis due to the charity being an existing client of theirs and having a good track record with them.
It was tricky to get the legal work through as there are numerous requirements from the bank when lending to a trust and it had to meet the client’s requirements as well. As the trust was managed by three trustees, there was no guarantee they would all meet lender requirements as well, which made the process complex.
The outcome: Luckily they had Coreco Commercial and HTB in their corner! HTB was able to intervene with some of the legal requirements and also allowed us to go past the valuation expiry date by getting a rely upon letter from the valuer. This meant that we didn’t need another valuation at the end, which would have cost the client additional time and money.
Broker: Peter Davies – firstname.lastname@example.org
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