They had to find an alternative solution
Bridging lender SoMo has partnered with Y3S Bridging and Commercial to secure a £1.6 million loan on behalf of its client to purchase a £1.8 million residential, buy-to-let property in Birmingham
Gareth Davies, senior specialist mortgage advisor at Y3S, worked closely with SoMo’s underwriting team, along with senior business development manager Jade Keval to overcome initial challenges.
Keval said the tight deadline proved to be the main challenge and it was initially agreed that the client would secure a first charge on the intended purchase property and a second charge over another asset with equity.
However, consent on the second charge element was unexpectedly declined so SoMo and Y3S had to quickly find an alternative solution.
Eventually, the client successfully purchased the BTL property for £1.8 million while also being able to pay off the current mortgage on a separate property, with the exit to the loan being refinance.
“When the original plan started to go sideways, causing issues with the loan amount and lending structure, some joint quick thinking allowed us to sort an increased loan amount for the client. It was completed on time thanks to very rapid work at the legal stage by JMW,” Davies said.
“It was great team work all around. Our client couldn’t be happier and we, at Y3S, were equally delighted we were able to help our client get exactly what they needed within the agreed timescales,” he added.
Keval, meanwhile, lauded the cooperation between SoMo and the Y3S team, saying it was instrumental in securing the loan for the client.
“Being able to assist with a large, time-sensitive case that changed part way through shows the importance of the relationship between a broker and lender, and how working closely towards the same goal can make all the difference,” she said.
