Situation:
An existing corporate banking customer was looking for funding to buy hundreds of acres of land adjacent to their home. They had existing mortgages over two residential properties, along with their current lending, they needed an additional £3m. The land they wanted was being bought above market value.
Challenge:
The customer was looking an interest only mortgage at 75% LTV but was struggling to find a lender who could help; even their incumbent high street bank had no appetite to lend.
Solution:
Since the customer had their business with us and enjoyed the service they received from us, they were keen for their broker to see if we could help here. We were able to collaborate with their corporate account manager, to quickly get into the details of their situation, requirements and plans. Having an existing relationship made it easier to reach a solution for the customer: by spending time with the customer to truly understand their circumstances, we identified six different repayment strategies. We were then quickly able to offer the customer the product they wanted.