Baya has a reputation for delivering on challenging cases. This one was no exception….
The summary of the case included the following areas. By themselves they can be easily dealt with, but the more areas of challenge; the harder it is to find a lender that will accept them all.
- High net worth, elderly clients
- Personally owned portfolio
- High concentration – single postcode
- Low yield
- High Equity
- Need £8.5m from £13m portfolio
The important thing was to fully understand exactly what the clients wanted, together with a full fact find of the exact situation. We can all be busy fools if we don’t fully understand things.
The clients were slightly older High Net Worth, so being open, transparent and patient was imperative. Once I had all the facts, it was clear that we needed a creative lender that would cover both retained interest and serviced interest, based on affordability. The lender also had to be happy with the concentration risk … not a case for the majority of lenders.
Fully understanding the properties and the demand was very important to give the lender some comfort around the risk of them all potentially being marketed at the same time.
All the way through Baya was in contact, both by email and phone, to all parties involved; namely the lender, client and solicitors. This kept the momentum up and allowed anything unexpected to be dealt with immediately. The valuation report highlighted a few issues relating to the titles, which we successfully resolved prior to completion.
The case completed on a blended rate of 6.09%pa, giving the clients the full £8.5m, paying off a small % to another lender.
The case competed in 3½ months, which was very impressive considering there were 14 properties. Both site and lender visits were necessary as they really highlighted the positives around the case, lowering the risk perception.
The client was extremely satisfied with the outcome and all parties involved.