Impact Specialist Finance, the specialist mortgage broker and distributor, and Harpenden Building Society have just completed a £1 million interest only residential deal on a new build flat for a client in their 50’s.
The transaction was for a very upscale 19th floor new build property situated on the South Bank of the River Thames in London. It had a valuation of almost £2 million with some units in the development having restrictions to borrowers over 55’s and was above a commercial property.
The case in question is a perfect example of how brokers, packagers and lenders can work closely to secure highly complex residential property transactions. It also highlights the value attached to many building society lending propositions, in terms of their flexibility and approach to more criteria-based lending.
Dale Jannels, pictured, Managing Director at Impact Specialist Finance, commented:
“The complexity attached to the deal really demonstrates the value of a packager as this particular case had so many non-standard aspects and would have taken up a lot of time for any broker to manage themselves. Harpenden BS proved to be the perfect lender and hats off to them for their common-sense approach to underwriting and the level of support throughout the process to get this multi-faceted case over the line.
Graeme Aitken, Business Development Manager at Harpenden Building Society commented:
“When I initially discussed this enquiry with Impact, I was confident that the overall quality of the lending proposition was one that we would be able to assist with, even though there were a number of non-standard aspects to this. The support of Impactand their understanding of our lending criteria has helped achieve a solution for both the client and broker for a tricky lending proposition”.