Mr K was looking to raise £85,000 in order to repay a bridging loan on his UK property as it was reaching the end of its term. The main issues that the client was facing was that he was currently residing in Dubai and the property was being let out in his absence. In addition, the rental income being achieved was only just sufficient to service the mortgage on the property but would likely be insufficient to cover the additional borrowing to repay the bridge.
We were able to place him with a lender who offered him a medium term BTL facility for 2 years which meant that he would have plenty of time to pay it back. This was unlike a traditional bridge which would have been over a much shorter term.
Also, as the rental income was insufficient to cover the existing mortgage and the new facility, the lender agreed to accept simply viewing the clients bank statements to evidence that the shortfall in rent could be serviced from the clients other income. This was done without the lender requesting full proof of income, as would normally be the case, which made things much easier for the client.