Case Study: £1.5m Second Charge Mortgage in 13 days

Loan Type: Second Charge Mortgage   |   Amount: £1.5 million   |   LTV: 56%   |   Term: 23 years

At Aria Finance, our core values of efficiency, expertise, communication, and determination underpin every aspect of our business. This case study is a great example of how these values contribute significantly to our success.

Discover how our unwavering commitment to efficiency, expertise, communication, and determination enabled us to successfully secure a second charge mortgage for our client in just 13-days. This is not only exemplifies our dedication but also resulted in substantial savings of £20,000 for our client, underscoring the real benefits of our approach.

The Client: 

The client owned a well-established limited company business in the property development and property financing sector. There was a bridging loan in place which the client had taken out to renovate their property. The property had originally been purchased in February 2022 for £2.9m and now had an estimated value of £6.5m. The seven-bedroom, six-bathroom property had been finished to a high spec. 

The Situation:

With the existing bridging loan expiring in just over a fortnight the client approached Aria Finance looking for a solution. There was an urgent need to repay the bridging loan to avoid the extra interest, however due to the high value property and the size of the loan required the case fell out of regular criteria. 

Our Solution: 

Time was of the essence in this case, so we moved at speed to ensure that the case was perfectly presented to the lender with all relevant supporting information provided.

This included working closely with a valuer that we had a good established working relationship with; this ensured the valuation report was returned within 24 hours of the inspection. In addition, we kept the client regularly updated and remained in constant communication, which meant that we could quickly flag and identify any outstanding documents.

We understood the importance of placing this case with a lender with a flexible approach to underwriting so that the case could complete smoothly and on time whilst meeting regulatory and funding requirements. 

Benefits & Results: 

Thanks to the dedicated efforts of the Aria Finance team and the pragmatic approach adopted by the lender, the case successfully completed in a mere 13 days, ahead of the clients' deadline. This swift resolution not only demonstrates the efficiency of our service but also resulted in substantial savings for the client, sparing them from additional fees that could have amounted to £20,000.

When time matters, Aria Finance makes things happen.