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  • £890k to repay expensive bridging loan and fund development project | Mortgages for Business
    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 890k to repay expensive bridging loan and fund development project 26 02 15 Property Development Finance Case Study The client is a Chartered Surveyor who works in the construction industry as a project development manager From London he also develops in property in his spare time He had recently purchased a run down 3 bed terraced house in a SW London location popular with wealthy families He intended to extend the house and convert it into a 5 bed residence with a gym sauna and home cinema The house had been purchased using an expensive bridging facility which he was paying whilst obtaining planning permission and starting initial works He contacted me for help in finding suitable property development finance to pay off the bridging loan and provide additional funds for future projects After assessing the figures I approached a high street lender who I felt would be able to offer significantly better terms than those already obtained by the customer direct In particular this bank does not charge exit fees on development loans The client provided all information required by the lender in a professional and prompt manner including Details of previous property development experience Architects plans of proposed development Detailed development appraisal and exit strategy Proof of planning permission Details of construction contractors The lender agreed to a loan of 890 000 to be released in tranches Here are the details of the deal Property purchase price 1 000 000 Build costs 460 000

    Original URL path: http://mortgagesforbusiness.co.uk/case-studies/documents/buy-to-let/890k-to-repay-expensive-bridging-loan-and-fund-development-project/ (2016-02-16)
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  • Auction finance during Christmas holidays to buy office block | Mortgages for Business
    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 Auction finance during Christmas holidays to buy office block 28 01 15 Commercial Mortgages Case Study The client is an IT contractor living in London who owns one rental property He had decided to expand his portfolio and had his sights set on buying a bank with offices above which was offered for sale in a forthcoming auction The property was located in prime high street location in a town on the south coast Purchases at auction have to be completed within 28 days so finding a lender that was prepared to act quickly was key Most buyers in this situation use bridging finance because it s quick however it can be very expensive In addition to the tight timescale which was exacerbated by the fast approaching Christmas holidays the client was looking to borrow a rather high loan to value of 75 Most commercial investment property lenders only go up to 60 65 LTV Instead of going to a bridging provider I contacted a specialist lender that has a reputation for speedy application processing Prior to the auction the lender Obtained a desktop valuation of the property in order to feel comfortable with the security Provisionally booked a valuer to attend the site shortly after auction was over Made some preliminary checks on the investor to ascertain his suitability The investor s bid was successful and the lender processed the application within the timescale required and without charging a

    Original URL path: http://mortgagesforbusiness.co.uk/case-studies/documents/commercial/auction-finance-during-christmas-holidays-to-buy-office-block/ (2016-02-16)
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  • Partnership buy out of children’s day nursery | Mortgages for Business
    Auction Finance Residential mortgages Residential mortgages Rates Loans Fees How to apply Types 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 Partnership buy out of children s day nursery 20 11 14 Commercial Mortgages Case Study The nursery had operated successfully for 14 years with two married couples making up the partnership of four They had built the nursery up to a registration of 70 but as they were turning away children due to lack of space the younger of the two couples wished to fully exploit the potential to expand the business by extending the premises and incorporating their own house into the nursery This would allow them to increase the registration to 105 The older couple decided that they would rather retire than go through the stress of further expansion It was thus agreed that the younger couple would buy out the others and so needed to raise funds to effect the buyout and pay themselves for their own property Here are the details of the deal Property value 1 99m after conversion works Loan amount 1 35m LTV 68 Rate Bank Rate 2 5 Term 20 years capital and interest repayment Arrangement fee 2 Completion date Est November 2014 This

    Original URL path: http://mortgagesforbusiness.co.uk/case-studies/documents/commercial/partnership-buy-out-of-children-s-day-nursery/ (2016-02-16)
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  • Conversion of redundant office building into block of 18 flats | Mortgages for Business
    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 Conversion of redundant office building into block of 18 flats 18 11 14 Property Development Finance Case Study The Client Newly created Special Purpose Vehicle SPV limited company owned by two directors Previous Experience One director had spent many years as a project manager for a major construction company with some recent relevant experience in their own right The other a successful local businessman who had sold his company for a substantial sum and was investing in various diverse projects including this one with his co director The Challenge To minimise the borrowers cash contribution and allow them to look at another project simultaneously The Project The property is a large office block located in a seaside town on the south coast of England that the previous owners were struggling to let so they put it up for sale Having set up an SPV limited company for property development purposes our clients purchased the block for 300k cash in March 2013 They then obtained approval to convert to it into 18 x self contained flats under permitted development rules Because of the directors previous experience and high net worth status and because the building could be developed without having to adhere to any particular planning restrictions we found a lender who was happy to lend at 60 of the gross development value It was agreed that funding would be advanced in stages subject to sign off by the quantity surveyor

    Original URL path: http://mortgagesforbusiness.co.uk/case-studies/documents/property-development-finance/conversion-of-redundant-office-building-into-block-of-18-flats/ (2016-02-16)
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  • £1.175m development loan to build 3 executive homes | Mortgages for Business
    Short Term Finance Residential Mortgages About Meet the team Our approach Awards Testimonials Careers Contact us 0845 345 6788 Share Case Studies 1 175m development loan to build 3 executive homes 12 09 14 Property Development Finance Case Study The development A parcel of land in a pretty Kent village which had been purchased for 625k by the client with his own funds and a substantial contribution from his father The client had successfully gained planning permission for three 5 bed executive homes but needed 1m to build them The anticipated Gross Development Value was estimated at 2 4m 285 psf The client The director of a newly created SPV limited company set up specifically for property development projects The director is a full time project manager employed within the construction industry Previous experience None personally but many years experience with his job The challenge To find a lender who would accept a borrower with no personal property development experience and limited personal funds The solution We found a bank which agreed a facility of up to 1 175m 49 of GDV to be drawn down in stages subject to architect s quantity surveyor s sign off To support the facility the bank insisted on a limited unsupported Personal Guaranteed PG from the borrower s father The lender determined that the PG and the client s work experience made the scenario a suitable risk particularly as the client had chosen excellent contractors to carry out the build Construction commenced in the summer of 2013 and the first house was completed and sold by February 2014 The sale paid off the amount drawn down not the entire facility Then the client attained a residential mortgage in order to move into the second house Pending the sale of house number three which

    Original URL path: http://mortgagesforbusiness.co.uk/case-studies/documents/property-development-finance/1175m-development-loan-to-build-3-executive-homes/ (2016-02-16)
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  • Capital raising to finish developing block of holiday flats | Mortgages for Business
    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 Capital raising to finish developing block of holiday flats 31 07 14 Property Development Finance Case Study The Client An experienced property developer and landlord The Project A large house in a Devon seaside town with planning permission to convert it into four holiday flats The Challenge The developer had already arranged some finance with a lender to enable him to start the project but required further funds in order to finish it He had found a mezzanine funder that was willing to help but as the cost of this facility severely eroded his profit margin he approached me to see if I could find a more cost effective solution The Solution I suggested he raise a second charge mortgage on a buy to let property he owned not the Devon house This property already had a modest BTL mortgage on it with a very low historic Standard Variable Rate and it made more sense to raise the second charge than remortgage The second charge was considerably cheaper than the mezzanine finance he had found Property value of the buy to let property 1 400 000 Existing mortgage 538 000 Second charge mortgage 165 000 Rate 1

    Original URL path: http://mortgagesforbusiness.co.uk/case-studies/documents/property-development-finance/capital-raising-to-finish-developing-block-of-holiday-flats/ (2016-02-16)
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  • Commercial investment mortgage within a pension fund | Mortgages for Business
    What started as a weekend love affair with a beautiful region soon turned into a passion so much so that Dan and his family decided to leave London and live full time in the Cotswolds Dan was looking for a way out of his 30 year career in finance to create something with his own hands and make a difference in the community He d been a whisky lover for over 20 years and looking out of his window one day her saw a field of golden barley waving in the breeze and that was how the idea of the Cotswolds Distillery was born In November 2013 Dan and his wife purchased the proposed distillery premises within their respective Self Invested Personal Pensions SIPPs for 450k The site compromised 4 5 acres including two incomplete buildings that would become the distillery They then spent much time effort research and funds developing the property but still required a further 225k to finish the works The principle challenge that this presented was that the property was owned within their SIPPs and so the loan had to be in the SIPPs name it could not be in either the couple s personal names or in that of the distillery company Also there are two categories of restriction on loan limits to a SIPP First of all there is a statutory limit which restricts the borrowing within a SIPP to 50 of the net assets of the SIPP For example If a SIPP has net assets of 200k its borrowing is restricted to 100k and ignoring costs SDLT etc the maximum value of property that could be purchased within the SIPP is 300 000 i e 200k 100k with no other assets in the fund The second restriction is that imposed by the Trustees to the SIPP All SIPPs are run by Trustees and any borrowing for the benefit of a SIPP is actually taken on as a liability of the Trustees who then have to be able to recover the costs of servicing the loan out of the income of the SIPP As a result most Trustees are not prepared to be associated with any borrowing and if they do countenance borrowing they will seek to minimise their exposure through restricting the borrowing taken on by them against the assets of the SIPP through ensuring that the SIPP has adequate cash to make repayments The Trustees to our clients SIPPs imposed a requirement that mortgage payments needed to be covered to the extent of 130 by rental income on the property this would have been 110 if the client had taken out a fixed rate product As a result of these additional complexities most lenders will not consider loan applications on behalf of SIPPs In order to raise the funds required in January this year Dan and his wife presented us with a loan proposal for the SIPPs complete with a valuation of the property and a comprehensive business plan By the end

    Original URL path: http://mortgagesforbusiness.co.uk/case-studies/documents/commercial/commercial-investment-mortgage-within-a-pension-fund/ (2016-02-16)
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  • Capital raise on unencumbered GP surgery to raise funds for refurb | Mortgages for Business
    loans Refurbishment finance Auction Finance Residential mortgages Residential mortgages Rates Loans Fees How to apply Types 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 Capital raise on unencumbered GP surgery to raise funds for refurb 06 03 15 Commercial Mortgages Case Study We were approached by a broker who needed help arranging finance for his clients who were looking to remortgage their business premises a GP surgery which they own outright The clients a married couple also own two buy to let properties The husband is a GP and the wife is a technician They were looking to raise 275 000 to refurbish their new home and to repay an existing loan We found an appropriate lender easily and the case was completed without a hiccough Here are the details of the deal Property value 428 500 Loan amount 275 000 LTV 64 Rate 3 99 discounted Lenders Standard Variable Rate discounted by 1 5 for the term of the loan Term 15 years interest only Mortgage payment 914 pcm Lender arrangement fee 1 5 of loan amount 4 125 Completion date December 2014 This is just one example of how I ve helped a broker secure a commercial mortgage for their client

    Original URL path: http://mortgagesforbusiness.co.uk/case-studies/documents/commercial/capital-raise-on-unencumbered-gp-surgery-to-raise-funds-for-refurb/ (2016-02-16)
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