A businessman is set to move offices and upgrade his company’s IT systems thanks to a commercial loan secured against his family home.
Specialist lender Together completed the £103,000 deal in just two days by providing the broker’s client with its ‘homeowner business loan’ product, which can be secured against a customer’s house if more than 50 per cent of the total amount is used for business purposes.
Packager, Intelligent Loans brought the case to Together on the businessman’s behalf. The brokerage is a member of the Together+ initiative, designed to build strong partnerships between the lender and a group of its specialist distributers by offering exclusive products, enhanced underwriting and market intelligence.
Rachel Gibbs, second charge adviser at Intelligent Loans, said:
“It was a fantastic outcome for the customer who was delighted at how hassle-free the process had been.
“Together was the lender best suited to the case because of its homeowner business loan product and its ability to turn around the case very quickly. We received the valuation, submitted a full pack to Together, and the funds were provided within the next two days.”
The customer is the director of a limited company, and - to complicate the case - his home is a leasehold property in the grounds of a former university which had been re-developed into a luxury housing complex.
Together’s solicitor partners carefully checked the historic building’s lease to make sure it didn’t prohibit the loan being used for business purposes.
Its specialist underwriting team also received confirmation from the freehold owner that the house and its grounds had been maintained to an agreed standard before the lender provided a second charge commercial loan for £103,044.
Nick Jones, pictured, national sales manager at Together, said:
“In unusual circumstances like these, with many complicating factors, this could easily prove a long-drawn-out case. However, the broker and client both provided all the documentation we needed to make a swift funding decision.
“The client’s homeowner business loan will allow the customer to expand; setting up the new premises and bringing in new IT infrastructure to strengthen his business for the future.”