2nd Charge to facilitate development
Date Published:28/03/2016
Clients wanted to build a property on land adjoining their house. It was then their intention to keep the completed new property and rent it out. They were first time landlords and first time developers and needed to raise £145k to complete the project. The only asset they could use as security was their residential property and a remortgage or further advance wasn't an option.
Solution:
- £145k Secured Loan through Prestige Finance
- 25 year loan at 85% LTV
- 9.14% variable rate
- ERCs - I month interest with one month notice
- Introducing broker received £2,370 commission
Call now on 01738 583008 to find out more or click here to apply Loan Application
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