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  • Quick refinance for landlord whose lender called in loan | Mortgages for Business
    of mortgage Residential Stamp Duty Calculator Research Case Studies Complex Buy to Let Index Buy to Let Mortgage Product Index Buy to Let Mortgage Costs Index Limited Company Buy to Let Index Property Investor Survey Money Markets FAQs FirstRate MFB TV Helping brokers with Buy to let mortgages Commercial mortgages Property development finance Bridging short term finance Case processing BrokerBusiness Case Studies Consulting Buy to Let Lending Mortgage Flow Published Research News Insight Buy to let mortgages Commercial Mortgages Property Development Finance Bridging Short Term Finance Residential Mortgages About Meet the team Our approach Awards Testimonials Careers Contact us 0845 345 6788 Share Case Studies Quick refinance for landlord whose lender called in loan 29 09 15 Bridging Short term Finance Bridging Short term Finance Case Study We were approached by a broker who was trying to source finance for a client whose lender had requested that a loan of 550k secured on several properties be repaid as a matter of urgency The client is an experienced landlord with a large portfolio Her income from the properties and other sources is around 80k per year She had identified two properties to refinance in order to repay the loan a multi unit freehold block of four flats and a 3 bed family house both located in Bristol The timeframe given by the bank was insufficient to find suitable long term rates so bridging seemed to be the best solution Keystone was chosen as the provider because the client fitted the criteria and there is the possibility that she will be able to refinance onto longer term products within Keystone s New Classic Range in 3 6 months time Here are the details of the case Property 1 value 570 000 Rental income 2 990 pcm Gross yield 6 3 pa Loan

    Original URL path: http://mortgagesforbusiness.co.uk/case-studies/documents/bridging-and-short-term-finance/quick-refinance-for-landlord-whose-lender-called-in-loan/ (2016-02-16)
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  • £1.25m development loan to build 51 starter homes | Mortgages for Business
    starter homes 12 09 14 Property Development Finance Case Study The challenge was to find a lender who was prepared to accept a very low build costs of just 65 per square foot The development A large plot on the edge of a Fenland town with permission to build 51 residential starter units comprising mostly two and three bedroom houses including 18 affordable homes Construction was planned over three separate phases Finance was required for Phase 1 only as it was anticipated that Phases 2 and 3 would be funded from the proceeds of Phase 1 The client A newly created SPV limited company bringing together developer contractor and plant hire company Previous experience All very experienced within the construction industry The challenge To find a lender who was prepared to accept a very low build costs of just 65 per square foot The project The site was being sold for 781k and the company agreed to purchase it from the vendor using staged payments payable during Phase 1 of development Construction started before the company had all the funding for Phase 1 in place The experience and other business interests of the clients meant that they had calculated the build costs would be just 65 psf which is extremely low not an acceptable figure for some lenders However they were able to provide evidence that the project could be built for this price and on this basis we found a lender who was happy to finance Phase 1 of the build and make a contribution to the cost of the land The lender agreed a facility of 1 25m which would be repaid from the proceeds of the sale of the units in Phase 1 Phase 2 and 3 would also be funded from the proceeds of Phase 1

    Original URL path: http://mortgagesforbusiness.co.uk/case-studies/documents/property-development-finance/125m-development-loan-to-build-51-starter-homes/ (2016-02-16)
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  • Property development project funded by second charge mortgage | Mortgages for Business
    Calculator Research Case Studies Complex Buy to Let Index Buy to Let Mortgage Product Index Buy to Let Mortgage Costs Index Limited Company Buy to Let Index Property Investor Survey Money Markets FAQs FirstRate MFB TV Helping brokers with Buy to let mortgages Commercial mortgages Property development finance Bridging short term finance Case processing BrokerBusiness Case Studies Consulting Buy to Let Lending Mortgage Flow Published Research News Insight Buy to let mortgages Commercial Mortgages Property Development Finance Bridging Short Term Finance Residential Mortgages About Meet the team Our approach Awards Testimonials Careers Contact us 0845 345 6788 Share Case Studies Property development project funded by second charge mortgage 06 07 14 Property Development Finance Case Study We were contacted by a broker whose client was looking to raise a second mortgage on a buy to let property he owned The funds the client requested were to facilitate finishing a development project he had undertaken with a block of flats The client having a lot of experience in property development already had finance arranged through a lender to develop the block of flats but was in need of extra funds to complete the project Having experience in the field the client had lined up a mezzanine funder to step in however if he had gone ahead with this option his profit margins would have been dramatically reduced There was already a modest buy to let mortgage with an impressively low historic Standard Variable Rate on the property and the client was not keen to remortgage it We reached a solution by organising at a considerably lower cost a second charge mortgage on the property Combined property value 1 400 000 Loan amount and terms 538 000 LTV 38 Rate 1 25 pcm Term 18 months Lender arrangement fee 3 Completion date

    Original URL path: http://mortgagesforbusiness.co.uk/case-studies/documents/property-development-finance/property-development-project-funded-by-second-charge-mortgage/ (2016-02-16)
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  • Raising £934k to build flats next to railway | Mortgages for Business
    Case Studies Complex Buy to Let Index Buy to Let Mortgage Product Index Buy to Let Mortgage Costs Index Limited Company Buy to Let Index Property Investor Survey Money Markets FAQs FirstRate MFB TV Helping brokers with Buy to let mortgages Commercial mortgages Property development finance Bridging short term finance Case processing BrokerBusiness Case Studies Consulting Buy to Let Lending Mortgage Flow Published Research News Insight Buy to let mortgages Commercial Mortgages Property Development Finance Bridging Short Term Finance Residential Mortgages About Meet the team Our approach Awards Testimonials Careers Contact us 0845 345 6788 Share Case Studies Raising 934k to build flats next to railway 28 01 15 Property Development Finance Case Study The client A businessman with a successful property development portfolio Also the owner of three wine bars Property development experience Our client has over 10 years experience in new build residential property development with the majority of projects being constructed in London The project We were approached by a broker who was looking to secure finance for his client to build a block of eight flats next to a railway line in North London The client had purchased the plot of land with his father in 2011 at a time when the availability of property development finance was limited Whilst waiting for the market to pick up they successfully sought planning permission to build a block of eight flats after which his father retired transferring the balance of his interest in the land to his son by Deed of Gift The challenge To find a lender willing to finance the small development in such close proximity to a railway line and although none was found on site Japanese Knotweed was identified nearby Land purchase price 600 000 Build costs 650 000 GDV 1 750 000 Loan

    Original URL path: http://mortgagesforbusiness.co.uk/case-studies/documents/property-development-finance/raising-934k-to-build-flats-next-to-railway/ (2016-02-16)
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  • Funding for development of 9 starter homes | Mortgages for Business
    mortgages Property development finance Bridging short term finance Case processing BrokerBusiness Case Studies Consulting Buy to Let Lending Mortgage Flow Published Research News Insight Buy to let mortgages Commercial Mortgages Property Development Finance Bridging Short Term Finance Residential Mortgages About Meet the team Our approach Awards Testimonials Careers Contact us 0845 345 6788 Share Case Studies Funding for development of 9 starter homes 18 02 15 Property Development Finance Case Study The client A successful businessman who had recently sold his long established food business and was looking to become a full time property developer Property development experience Alongside running his business our client had already built and sold a number of residential developments with his father who owns a building company The project The client bought a small brownfield site which had formerly operated as a garage in a village within commuting distance of Peterborough When the client purchased the land it had planning permission to build nine three four bed townhouses However after discussing the plans with several local estate agents he came to the conclusion that the houses weren t the right sort and might be too expensive for the local market He re worked the project and went back to the Council seeking permission to build nine two three bed starter homes with gardens and two parking spaces per house Once the application had been approved he came to us for help in sourcing a lender The clients usual lender had withdrawn because it didn t like the fact he had sold his food business which provided the lender with additional security The clients high net worth status and demonstrable experience meant we were able to source funding from a lender who was willing to lend up to 70 of the Gross Development Value Land purchase

    Original URL path: http://mortgagesforbusiness.co.uk/case-studies/documents/property-development-finance/funding-for-development-of-9-starter-homes/ (2016-02-16)
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  • £1.9m loan to convert Thames warehouse into luxury apartments | Mortgages for Business
    Mortgage Flow Published Research News Insight Buy to let mortgages Commercial Mortgages Property Development Finance Bridging Short Term Finance Residential Mortgages About Meet the team Our approach Awards Testimonials Careers Contact us 0845 345 6788 Share Case Studies 1 9m loan to convert Thames warehouse into luxury apartments 12 11 14 Property Development Finance Case Study The client is a private property developer with previous experience of refurbishments in the West End and other prime locations The building a mixed use warehouse is situated near the Mayflower pub on the Thames from where it is rumoured the Founding Fathers boarded the Mayflower to sail to America The client has owned the warehouse since 1995 with small mortgage 250 000 The building was let to a tenant who had stopped paying the rent It took the client five years to gain vacant position Eventually the tenant handed over his Norfolk holiday home in payment for the outstanding rent Because the property was a listed building it then took the client two years to get planning permission to convert the warehouse into luxury flats due to all the necessary architects listed buildings and engineers reports that were required Eventually planning permission was granted for 6 x 2 bed flats and 1 x 3 bed penthouse Commenting on the deal David Whittaker Managing Director of broker Mortgages for Business said We took the deal to Aldermore Bank and negotiated a development loan of 1 9m to cover the build costs of 1 3m plus a further 600k of finance to cover other associated costs Because the development was a major project the Bank required the client to contract professionals to carry out the work It took six months to find the right contractor but work finally started on the site in August 2014

    Original URL path: http://mortgagesforbusiness.co.uk/case-studies/documents/property-development-finance/19m-loan-to-convert-thames-warehouse-into-luxury-apartments/ (2016-02-16)
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