The property in question was owned by a 92-year-old lady who had been letting it out to holidaymakers for many years. My client knew it was a great property and made an offer as soon as it came up for sale.
The plan was to remortgage existing properties to raise funds. But unfortunately, COVID had put a stop to holidays, so the client had no way to prove projected income. This meant that mortgaging wasn’t an option.
The client was already working with another broker, but one of our introducers suggested he speak to us as well. And it’s a good job he did as we were able to help.
We secured him a bridging loan on the property with 12 months retained interest. This gave him time to refurbish the property and take bookings, all the while with no repayments to make.
The lender did show initial concern about some comments in the valuation report regarding damp. However, once we pointed out that the property was next to a loch, the client was extremely experienced, and the loan to value was very small, they quickly saw sense.
The client was able to make the purchase. He added his dream property to his holiday let portfolio with plenty of time to refurbish it and advertise it before the holiday season. Needless to say, the client was delighted.
“I cannot thank you enough for all your help and hard work. Let me know if you want to come to Skye, and we can arrange some accommodation for you.”