Commercial Mortgage for a Scrap Yard

Our client was introduced to us as they were looking to buy out the director of a business who planned to retire. Due to the complexity of the transaction and the client’s need to open a holding company while receiving tax and legal advice, we decided that a temporary, partial payment to the outgoing director was the best way to start the process.

Together Money was selected as the lender for this deal, and we worked closely with them to ensure that all parties were happy. The lender provided indicative terms that were agreeable for the client, secured against the company property.

A 12-month loan of £530,000 was quickly agreed, with the exit to be a term loan provided by a separate lender which Forecast Finance are also arranging.

This transaction was completed within six weeks of initial introduction and the client was very pleased with the outcome.

Bridging loan to fund urgent structural repairs

A returning client of Forecast Finance approached us looking for a short-term bridging loan against a property that needed urgent structural repairs. Originally, this property was to have a term loan raised for it, but the valuation report identified structural issues that needed immediate repairs.

A bridging loan was agreed to help the client refinance away from the existing lender and cover the necessary structural repairs.

We identified Together Money as the best fit for our client, and they worked closely with us to rapidly progress the case, even allowing for a retype of the valuation and engineer reports, saving significant time and money for our client.

A full loan amount of £903,000 was agreed on a 12-month term, with £650,000 going to the outgoing lender and the remainder being used on the structural work.

As a result of this loan, the property was repaired and put on the market. Since then, a sale has been agreed with a buyer, and a portion of the proceeds of this sale will pay off the remainder of the loan.

The client was thrilled with the service and the outcome.

Bridging Loan for a Property Renovation

Our client was looking for a bridging loan to help fund the purchase of a detached bungalow that they would renovate and later sell on for a profit.

The client was relatively new to the process of refurbishing properties having previously only completed one project before.

We worked closely with our client to guide them through the process, taking time to understand the plans they had for this property, which had a purchase price of £267,500 and an expected value of £350,000 post renovations. The client had the available cash to pay for the refurbishments themselves.

We identified a lender that would provide the required funds with a reasonable rate and wouldn’t mind our client was living in rented accommodation, rather than being a homeowner for security. This loan was offered with 0.85% monthly interest and an 18-month term which would be paid upon the sale of the property. All the details were finalised in one month.

The client had this to say about our services:

“Working with Forecast Finance was a breath of fresh are in an area of business usually filled with poor communication and delays. They not only helped push forward the finance side of the purchase but went above what was expected in communication with solicitors.

Everyone that I interacted with was professional and reliable and I would recommend Forecast Finance and will be using them in the future.”

£700,000 Loan for New Home

Our client was looking to purchase a new home with a value of £1.85 million. He needed a loan worth £700,000 to put towards the purchase of the property, with the remaining cost to be paid through a variety of other income channels including savings and investments.

The client’s existing home had a value of approximately £2.35 million and was previously the matrimonial house for him and his ex-spouse. This home had borrowing and charges against it which reduced the overall equity to about £1.27 million, and it was due to be sold when the client’s ex-wife moved into her own property.

This existing home was expected to sell quickly and, together with the lender, the client agreed that the money generated from that sale would go straight to the lender to pay off the loan. The lender did not want a charge against this property as security for the loan due to the complexity of agreeing this deal with both the client and his ex-spouse.

A loan of £700,000 was agreed on a 12-month term with 0.9% per month of retained interest.

Regulated Bridging Finance for Property Auction

We were approached by a broker with a client looking to purchase an auction property with a strict deadline. The client had an existing home in Leicestershire but were looking to relocate and had not yet found a buyer for their current property, which meant they did not have sufficient funds to purchase the new property she had fallen in love with immediately.

Our client exchanged with a 10% deposit on the property, which had a total purchase price of £325,000. The auction house set a 28-day completion deadline, so we immediately set to work identifying possible solutions that could help our client cover the full cost.

Using our regulated panel access, which provided us with exclusive products on the financial market, we found a lender who could offer a quick underwriting process and an automated valuation.

We organised a loan with a net value of £290,000, managing all the paperwork and processing the application ourselves as the introducing broker was unable to offer advice or support on regulated products.

With the result being that our client was able to complete the purchase of their dream property.

£700,000 Bridging Loan

Our clients were looking to downsize from their existing home and managed to find their dream property in the process. Since they didn’t want to miss out on this property but hadn’t yet sold their previous home, they needed a bridging loan that allowed them to purchase their new house early.

Additionally, our clients wanted a further £100,000 loan that would be used to cover a variety of home improvements and Stamp Duty Land Tax. Using both the existing and new properties as security, we provided a £700,000 loan to cover both the value of the new property and the additional loan amount required.

This loan was provided at a 48% LTV on a 12-month term with a retained interest rate of 0.59%. This bridging loan was organised swiftly to ensure that the client was able to secure the property they wanted without issue which would be repaid upon the sale of their existing property.

£3.7m Bridging Loan

Our client, an experienced developer, had just finished building 10 holiday lets in Devon. He approached us directly to enquire about a high value bridging loan that was needed to repay his current development finance facility and outstanding loans from his business partner.

After discussing the situation with the client, Tuscan Capital was selected to help organise this loan. Tuscan were the best fit for our client due to the size of the loan and the promise of the initial development. Working closely together, we agreed upon a 0.85% a month interest rate over a 12-month term, which would be paid back once the client had established revenue streams.

The client had a strict timescale due to the nature of the development and needed access to the funds as soon as possible. From the point of initial enquiry, a full loan deal was agreed in just eight weeks, and the client was able to fully focus on attracting visitors to the new properties.

£250,000 Bridging Loan

Our client was looking to sell one of his buy-to-let properties as quickly as possible to cover the legal costs from his divorce. A condition of his divorce stated he needed to remove his ex-wife from the deeds first, so a short-term bridging loan was identified as the correct solution. He was initially referred to us by an Introducer.

The bridging lender we thought most appropriate offered the client a competitive rate and the ability to complete the transaction within the required time frame of five weeks.

A loan of £125,000 against his property worth £250,000 was raised, allowing the client to redeem the current lender, cover his existing loan costs, and remove his ex-wife from the deeds. The terms offered were over 12 months, with the interest being retained, meaning the client would not need to service the loan throughout the term period.

Despite incurring a few delays, including waiting for the necessary, signed documents from the client’s ex-wife, the legal process was smooth, and the client was very pleased with the outcome.

The Introducer earnt £1,905 from this loan deal.

Second Charge Bridge Loan

Forecast Finance secured a £37,003 loan on a quick turnaround for a borrower looking to purchase land in Spain which would then be used to develop a holiday let property.

The borrower needed to raise money for a deposit quickly as they were competing for the land with a cash buyer.

We contacted our partners at Together Money to organise this loan as we knew they would be able to handle it effectively and time sensitively. Within hours of initial contact, we had agreed the terms of the deal, including a 1.3% per month interest rate over a 12-month term.

By gathering all the relevant and necessary supporting documents quickly and working closely with the team at Together, we were able to submit the application and ensure the loan process proceeded smoothly. Our contact at Together, James Barnes, responded to all our emails and calls within half an hour over the two days following the submission of the loan application.

James worked directly with our client to fully understand the case and the exit before releasing the funds just three days after terms were agreed.

The total time taken from introduction to releasing the funds was six days.

Steve Arnold, the Introducer who brought the client to us, said:

“Great to work with Sonia Johnson at Forecast Finance. I referred an urgent 2nd charge Bridging Finance case to Sonia on 22nd Sept and the case completed on the 28th of Sept, exceptional effort and one very happy client, thank you Sonia.”