This obviously had a huge impact on his life and career. He came to us understanding the versatility of our offering, the fact that we do love a challenge and do not count failure as an option. Although eventually the bankruptcy was annulled, there were lasting detrimental impacts to Lee’s credit profile. A number of banks had recorded defaults when his accounts were taken control of and a string of issues followed.
The need was for acquisition of commercial property, including office space and a car forecourt, and to release some equity from assets already owned, including light industrial and residential property. He was looking for a term loan but would have accepted a 12 month bridge whilst more credit repair work took place. Initially we were looking for an independent, niche lender who could take a view on the whole situation with various credit repair issues still rearing their head.
We spent months working with Lee and managed to create a really solid case for lending whilst supporting his financial adviser credit repair work after many twists and turns we actually felt that a 20-25 year term loan could be obtained and set about negotiating with some of our more mainstream lenders. Through tenacity and solid relationships with decision makers we finally got an approval in principal from a more recognisable institution, however as we progressed, the COVID-19 pandemic began and the landscape changed considerably.
It took a lot of negotiation and hard work from all parties. Surveyors made exceptional efforts to carry out their instructions safely during the midst of the pandemic. Solicitors worked via video call to get the Know Your Client (KYC) process completed, observing social distancing all the while, and the bank held the door open to get the deal complete despite the fact that they had reduced appetite for lending. This was a massive team effort and with support from our engaged partners we got there, finally completing the deal in Early June. Lee is now negotiating on a number of other acquisitions and his credit is improving massively with the backing of our institution.
Loan details:
- 65% LTV, Variable
- 5% above base
- 25 Year Term
- Capital and Interest
Congratulations to Lee and thank you to all involved.
