The client required a quick completion before the end of their existing loan term to avoid significant penalty fees from the original lender.
Hope Capital was able to use a valuation that had already been undertaken on the property in order to save time on the due diligence process, before working with the borrower and their solicitor to ensure the loan was completed in under a week.
Jonathan Sealey, CEO of Hope Capital (pictured above), said: “We see a fair few cases where a borrower is looking to refinance to avoid penalty fees, or where they have been let down by another lender at the 11th hour.
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“That is where Hope Capital’s speed of facilitating loans is vital for borrowers who want to avoid penalty fees on existing loans or lost deposits on property purchases.”
Hope Capital was satisfied that the exit via a longer-term refinance was achievable, providing the facility at 65% LTV for six months.
This allowed the borrower to avoid the penalty fees on their current loan.
Jonathan added: “In this particular case, we had previously facilitated a loan to a business associate of the borrower, so they knew Hope Capital could perform under the tight timescales required.”
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