Area: East Ham, Newham
Capital Raised: £918,750
The client needed to capital raise for business purposes against a block of four flats. The applicant did not have the requisite documentation for a normal buy to let and this was a challenge. We had to find a lender who would base their decision solely on the security of the property and rental income at a competitive rate.
The lender we work with overrode the requirements for tax returns and did not apply the normal stress rate. They granted the loan based on their pay rate and 100% ICR.
The lending was secured at a good market rate for 5 years at 75% Loan to Value on a deal most lenders would have said no.