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by Narinder Gill on 13th January 2023

Client details: First-Time Developer

Property details: Three outbuildings/barns

Reason for finance: The client exchanged contracts on a new primary residence purchase with a plan to simultaneously split land/tile and acquire additional land

Challenges: The planning conditions had to be amended as they only allowed for Holiday Letting . The development lender wanted ordinary BTL usage to be approved. The client put forth a GDV that was too low on the site for which the initial lender refused lending POST valuation as not enough profit

Solution: We worked with a new lender to quickly transact, accept a retype and previously instructed reports with a site revisit to revalue upon a change in development scheme and costs. The client completed on the purchase of the outbuildings in December 2022 with amended planning passed. We then negotiated a higher day 1 net advance from the lender, purely on strength of relationship with the lender – as this was outside of their initial agreed/max lending to assist with clients cashflow. Development funds will be in hand before end of Jan 2023


Written by Narinder Gill

Associate Specialist Broker

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.

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