Objective
Our introducer approached us with a client who obtained a large directorships’ loan to purchase land and develop a barn and stables to be used as a trading livery, which now needed to be redeemed. The applicants’ affordability profile also had to include yearly dividends from their business.
Obstacle
The LTV required to provide adequate funds meant our lender options were limited. The 90-day valuation figure that was originally given by the valuer was lower than anticipated, meaning the maximum loan was £115,000 lower than required.
Outcome
Brightstar successfully appealed the valuation figure using a suitable rationale, and the lender now considered the uplifted valuation figure as being within 10% tolerance required. Once the loan agreement was issued and returned, the funds were released later the same day, despite the loan size meaning that solicitors were involved.
Subject to status. Product and criteria availability is subject to change or withdrawal at any time. For intermediaries only.
