1 week completion? YES we can do that ✔ 💪 Wouldn't want them all the time tbh - especially with the usual month end madness 😵 Where we've built up good working relationships with borrowers over the years we can often be "commercial" (read "flexible") when it comes to the process 😊 In this instance we provided a bridging loan only a few months ago on the purchase. Nothing had really been done to the property as the borrower had already lined up a tenant at purchase - so the (VP) valuation figure was the same. Our solicitor had already reviewed the lease on purchase. The intention was to exit as soon as possible onto a term loan with much lower finance costs. Roma Finance has access to a 5 yr term product for limited company borrowers and residential property where we are repaying our own bridging loan. This term product is not available to everyone (yet) before you all start asking me 😂 Although we wouldn't normally take on a commercial type lease the funding line agreed to accept it because it was a house being occupied under a C3 classification, the type of occupier was acceptable, and the lease had a 3 yr break option on both sides. Arguably commercial leases are easier to enforce if there are any breaches so gaining VP should (in theory) be easier than with an AST. The valuer agreed to extend the report, and the same solicitor (for us) agreed a reduced fee on a title insured basis 💷 Legal paperwork was signed using Docusign so that made the process much quicker 👍 By using us on the exit the borrower has removed the risk of a new valuation, the possibility that another lender won't accept the lease/tenant, and lots of questions - as we already know them and they have a track record with us 😍

Posted by williamsonpropertyrentals at 2024-09-02 13:44:30 UTC