The client was a landlord with 3 other properties, requiring a 2nd Charge to invest in and expand his successful business.
Valued at £1,000,000, the property comprised a detached 4-bedroom house, arranged over ground and first-floor levels. The house was located in a relatively rural area, mostly surrounded by open fields with one neighbouring residential house.
The client could either repay the loan from the profits of his company or support a refinance onto a term loan.
Although the case took longer than usual to complete on the client's account, our team left them satisfied with an initial gross loan of £155,000, which equalled 47.5% LTV.
Property: residential, untenanted, detached 4-bedroom
Initial gross loan: £155,000
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