SML completes large secured loans
Both loans completed on the same day in November. The first a buy to let deal of £129,000, being used to pay off a bridging facility on a London property, completed within five days of application and was underwritten solely on the rental income. The LTV was just over 50%.
The second one was for a CCA regulated loan of £141,000 for final home improvements on a London property valued at £1.7m, with an overall LTV of 52%.
Paul Crewe, director of Smart Money Loans, said: “While I am delighted to have registered Masthaven’s largest loans to date, the real importance of the loans does not necessarily lie in the headline sizes, but in the fact that the overall quality of the deals along with the low LTV and the willingness of the Masthaven to turn them around as quickly as they did, meant we have happy customers and a broker keen to do business with us again. That is what I call a result!”
Paul Brett, director of sales at Masthaven Secured Loans, added: “Congratulations are due to Smart Money Loans for bringing us not only our largest loans but presented in such a way, which made it easier for us to assess and underwrite quickly to produce the result that everyone was looking for.”