Impact Specialist Finance and Harpenden Building Society have completed a £1m interest-only residential deal on a new build flat.
The transaction was for a 19th floor new build property situated on the South Bank of the River Thames in London, above a commercial property.
It had a valuation of almost £2m with some units in the development having restrictions to borrowers over-55 years old.
The client was in their 50s.
Dale Jannels (pictured), managing director at Impact Specialist Finance, said: “The complexity attached to the deal really demonstrates the value of a packager as this particular case had so many non-standard aspects and would have taken up a lot of time for any broker to manage themselves.
“Harpenden Building Society proved to be the perfect lender and hats off to them for their common-sense approach to underwriting and the level of support throughout the process to get this multi-faceted case over the line.”
Graeme Aitken, business development manager at Harpenden Building Society, added: “When I initially discussed this enquiry with Impact, I was confident that the overall quality of the lending proposition was one that we would be able to assist with, even though there were a number of non-standard aspects to this.
“The support of Impact and their understanding of our lending criteria has helped achieve a solution for both the client and broker for a tricky lending proposition.”