SFS completes OneSavings Bank double
The second charge secured loan with Prestige Finance was for a net loan of £300,000 secured on a property in Surrey.
The clients needed to consolidate an existing high interest rate second charge together with a number of credit card debts.
These debts had been incurred when the clients had been extending and renovating their property, leading to the value of the property doubling in 12 months.
The loan completed on a variable rate of 7.5% p.a. on Prestige’s Large Loan product, over a 20-year term with a loan to value just under 53%.
The Prestige advance also allowed the clients to keep the very low interest rate on their first charge mortgage, something that was very important to their future finances.
Simon Stern, managing director of Prestige Finance said: “We were delighted to have completed this loan.
“It again demonstrated the qualities of our underwriting team, the strength of our relationship with Tony and the support of OSB in wanting to write this type of loan.
“Our large loan product is proving very popular and we look forward to completing more of this type of loan with Tony in the future.”
The advance with Interbay Commercial was a buy-to let mortgage of over £2m, with completion taking place just eight days from valuation instruction.
The clients were looking to repay an existing bridging loan of just over £2m on a property in an exclusive part of West London.
The bridging loan was taken out in January 2013 to assist with the purchase and refurbishment of the investment property in Notting Hill.
Colin Bell, CEO of InterBay Commercial, said: “This is not our fastest case, but is very notable as being a large case it had to go through all InterBay and the Bank’s credit process.
“Everyone from the client, the key partner and InterBay are very happy as we are in the business of completing mortgages and completing them fast.
“Coupled with the recent price changes I announced last month, this makes InterBay the most compelling proposition in the market.”
Tony Sutton, managing director at Specialist Financial Services, said: “Both advances showed what can be achieved between a proactive lender and an experienced introducer.
“The secured loan with Prestige Finance is not the first we have completed on their Large Loan product range, but is certainly the most satisfying loan I have completed in many years. If ever a case proved that experience counts within the secured loan market, this was it.
“The Interbay advance completed in such a short time-frame due to a massive amount of co-operation between SFS, Interbay, their in-house solicitors Paris Smith and the surveyor.
“The fact that both advances completed on the same day was an added bonus and I have four very, very happy clients and two delighted introducers.”