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Our client, a married couple, owned a number of properties with a total value of £19m and had £6m of loans secured on the portfolio. They, therefore, had a net asset worth of £13m, which easily qualified them for High Net Worth status.
The couple wanted to finance the expansion of their buy to let portfolio, and chose to do this with a second charge bridging loan on their main residence. The property, a four-bedroom detached house in West London was valued at £1.65m, with an outstanding first charge of £590,000. The couple was able to raise the £530,000 they needed to expand their portfolio on a one-year bridging loan with rolled up interest and an annual interest rate of 8.99%.
As interest was rolled up, there were no payments due on the loan, and so no impact on the couple’s cash flow. They will repay the balance at the end of the term by refinancing other properties within their portfolio. The minimum interest commitment of the loan is just three months, so if the couple wants to redeem it before the end of the term, they will be able to do so without incurring early repayment charges.
Julian is one of the mortgage industry’s true legends, following his passion through thick and thin to run our highly successful Specialist Finance division. Having always had an interest in property and initially part qualifying as an Architect, Julian decided to join the Financial Services industry in 1989, cutting his teeth at John Charcol in the early 1990’s. After opening their Guildford Office, Julian left to spend time assisting High Net Worth individuals with tax efficient investment schemes. In 2000 he jointly founded the boutique Mortgage Brokerage Cobalt Capital. As the managing partner of Cobalt Capital and at the centre of its growth, the company expanded to a peak of 90 staff and developed into one of the leading mortgage brokerages in London. With more than a growing interest in the specialist and commercial sectors of the mortgage market and a determination to obtain finance on the seemingly impossible, Julian decided to follow his passion and invest into Coreco, becoming a Director in 2010. His aim is to drive this business forward to become one of the strongest specialist finance teams in the industry, focusing on large residential loans for development/investment purposes and large property portfolios. Julian is also a proud member of the FIBA Executive Committee.
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