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by Narinder Gill on 6th February 2023

First Time Developer exchanges at Auction with a personal BTL mortgage AIP in hand. Mistakenly things this would suffice and would allow for the client to carry out heavy refurbishments with this lending. She was quickly made aware from her previous broker following the unsuccessful survey that this would not be suitable security and had to source other lending. The client was referred to Coreco specialist finance where we quickly established a this would be a heavy refurbishment bridge and that we needed to adhere to the completion deadline of 28 days ( Over the Christmas period! )  

This lease had only 58 years left thus meaning this would not be mortgageable from main stream lenders.  

Another hurdle to overcome was the freeholder having served Section 146 notice breaching of the lease. The Client was not aware until they exchanged on the property which left her in a very precarious situation.  

We sourced a heavy refurb product with a specialist BTL lender, this bank allowed for 80% NET of the purchase price allowing the client to hold monies back to assist in the added legal costs and buffer for refurbishment.  

We assisted the client in providing advise on how to work with the landlord and rescind the section 146 notice allowing for a peaceful transition into the sale of the property with all parties happy.  



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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