Broker: Sohail Ahmed
Introduction: Sohail Ahmed recently sought financing for a limited company owned by a UK Ltd company. The land is unencumbered, and the client is looking to refinance in order to acquire more property investments. Cambridge & Counties was only willing to offer a loan with a 29% Loan-to-Value (LTV) ratio, without providing a clear reason for the decision. The financing has now been secured with Allica Bank.
Objections Overcome:
- Just a piece of land with planning for a dwelling house. Client will not take this path and keep it rented out.
- Lender only giving below 50% LTV
- Tenant quality is average.
Overview:
- Sedulo providing financing for land to buy more properties
- 46% LTV and loan not exceeding 50%
- The property was valued at £850,000 90 days ago, with a current market value of £1,000,000.
- Client is an experienced landlord and has refurbished development properties in the past.
Case Highlights:
- Product – term loan with a 5 years fixed
- Loan amount – £349,000
- Loan to value LTV – 41% LTV
- Term – 5 years fixed
- Speed of delivery – Within 2 months of application
- Exit strategy – Refinance after 3 years.