Our client was an inexperienced property investor with three properties in trust. He wanted to use these properties to grow a small property business while still working his 9-5 job, but he was inexperienced as a landlord.
He was looking for funding for a new purchase. His deposit would be a charge on the Trust Properties, but his bank declined his funding application due to lack of experience and him not putting in funds of his own.
Not ready to give up, he approached a lender on the internet. They were happy he had the experience and deposit via his Trust Properties but wouldn’t accept business direct – they referred him to Commercial Expert.
We worked with the client and the lender to facilitate his first purchase of an investment property into an SPV (Special Purpose Vehicle). We set up a facility where he could gear up on the existing properties as an additional deposit.
Our client ultimately obtained the finance for the initial purchase and gained a lender who, with the help of Commercial Expert, has grown a portfolio of nearly 30 investment properties.