Holiday-Let Refinance: Supporting smooth ownership transitions
Holiday-Let Refinance: Supporting smooth ownership transitions
Overcoming ownership hurdles, we delivered a seamless, timely completion that saved the client extra costs.
"Sue Lewis’ support was great. The hours she dedicated, including outside of regular hours, was a huge help. I'm doubtful whether the deal would have happened without that."
How we helped
This case came with a few curveballs, including an outgoing director in the ownership structure who couldn’t officially step away until completion, thanks to some previous deed restrictions. Understandably, the outgoing director wasn’t keen to provide us with information – not an easy dynamic when you’re trying to get a deal over the line.
We rolled up our sleeves and worked closely with our group legal team and the client’s solicitors to agree on a solution that worked for everyone; including drafting some wording that the outgoing director was comfortable signing, and that gave us what we needed to proceed.
By keeping close contact with both the broker and the client, and staying focused on the goal, we kept things moving at pace and completed right on the day the client needed, avoiding any extra fees from their previous lender.
A great example of collaboration, problem-solving, and pushing through the bumps to get a positive outcome for everyone involved.
The broker’s view
Damian McGann – Director, Funding Friends:"Proceeding with the valuation and legals prior to full credit approval played a key role in delivering against a stretching timescale and greatly appreciated. Sue Lewis’ (Senior Relationship Director for YBS Commercial Mortgages) support was great. The hours she dedicated, including outside of regular hours, was a huge help. I'm doubtful whether the deal would have happened without that. Having clarity on the basis of rent the serviceability is calculated against, was also very useful."
The deal
Refinance of a bridging loan agreed for the conversion of one of two Holiday Lets
Loan amount: £600,000
Located in Scarborough
Fixed term 5 years, interest only
Loan term 25 years
Loan to value 65%
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