Cardiff Money has completed its largest ever second charge loan of £933,000 underwritten by Optimum Credit.
The second charge mortgage, which has a rate of 4.3% fixed for two years, helped a high net worth client exit a complex bridging scenario.
The client was introduced to Cardiff Money by Huw Oddy of Bridging Deals.
Daniel Yeo, managing director and founder of Cardiff Money, said: “A simple message to Huw on Linkedin pointing out our balanced stance on packaging fees really resonated with him particularly after his previous experience in the industry.
“This mortgage only happened because we do things differently and in doing so helped the client avoid paying ERCs and losing an outstanding first charge rate while exiting a bridge and saving them a significant amount of money.
“It just goes to show the flexibility, robustness and importance of the second charge product. If done correctly and priced correctly the consumer and wider broking community will begin to engage more with our sector. We are delighted with the outcome for the client.”
Craig Collins, national sales manager at Optimum, said: “Whilst these deals require additional scrutiny, it helps when the brokers involved have a clear idea of what is required by the lender and ultimately they ensure they pursue the information relevant to the case.
“Irrespective of loan size, it simply helps if the case is well packaged.”