Just sat watching Corrie, (only in case some old blue rinse down the boozer mentions it, I can't appear ignorant to what goes off on the cobbles can I?), and our Gert reminds me I've not blogged, that’s good news, in the sense that I’ve been that busy it’s slipped my mind.
That’s Mortgage broking all over innit!! Two years scratching around for business, then it explodes and I'm running around like a blue ass fly.
I know other prominent brokers that have gone into all sorts of weird ways to keep the home fires burning; selling utility packages even – no fewer than two brokers tried to get me to switch on to global utility offerings – but to me the grass isn't always greener, get more of what you specialise in rather than chase half a dozen other unproven ways to earn a dollar.
I read with dismay when industry experts tell us to widen our scope and product offering. We know what we do best, we should work harder to get enough of it.
Then all of a sudden the lid blows off, the phones are tinkling in their cradles, the emails are pinging through and the texts are driving me potty. I need to be a woman here so I can multi-task, or that's what they tell me anyway (women that is).
It's weeks like this where I really enjoy my income producing hobby, the plethora of finance requirements really begins to test my knowledge and contacts this week, a beauty therapist in Nottingham requiring an unsecured commercial loan of £50,000 to open a second leasehold salon, all the way down in Dorset.
The current appetite of the clearing banks lends itself to trading businesses just now, but the comfort of lots of residential equity appeals to their credit committee, to sit behind the debt.
A large mixed development to get my teeth into, about £7m worth of funding required; it'll have to wait while Dorset gets its beauty salon funded.
There’s the sorry case of a guy who bought a new build flat off plan 2 years ago, for £110,000 in Colchester, putting down a £10,000 deposit. It's now built and the developers want their final remittance of £100,000. Problem is that it's only worth £95-100k now, and with 75% of the lower of purchase price or valuation, my guy now needs £25,000 if it down values to £100,000, 2 years ago he was told he'd get a £99,000 mortgage on a 90% LTV buy to let mortgage.
He's having kittens now.
Unfortunately TMW the 80% lender don't have a flavour for new build flats.
I've a couple in Essex purchasing a B&B in Newquay for just under £400k requiring a commercial mortgage of £150,000, sounds great till they tell you that the deposit is from the proceeds of two houses, their main residence which has an offer on it, and a BTL that is still for sale, so the lenders are going to have to be flexible on this one, or an element of bridging finance is required, we'll see.
So all in all a week of many mixed client situations and a week I'm going to thoroughly enjoy life, that's of course unless the lenders decide to spoil the party.
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