Arc & Co. advises on the £1.2M loan for the refinance of residential mortgage that had ended and lender wanted repaying. Client is a developer and had no regular income for three years. He owns a plot of land that with planning (yet to be granted) would be worth in excess of £30M.
£1.2M on £4.5M
Two year rolled up loan with Market Harborough, allowing the clients to refinance the £1M and take out a further £200,000 for living expenses whilst the sale progresses at 5.99%.
Alistair provided a non-income based residential loan over a two year period at a cheaper rate than a standard bridge. He also negotiated an extension for a further 12 months at the same rate but reduced fee if the sale of the land has not completed in two years’ time.
If you wish to learn more about your residential mortgage options, please feel free to contact Alistair.
Arc & Co.
30 St George Street, London, W1S 2FH
Office: +44 (0) 203 205 2129
Mobile: +44 (0) 796 750 9318