Case Study: £615,000 Second Charge Completed in Just Two Days

When traditional lending routes proved unable to meet the client's urgent funding requirements, a specialist second charge solution provided the answer. By combining market expertise, strong lender relationships and a proactive approach, Aria Finance secured a £615,000 second charge in just two days, enabling the client to access the funds they needed within an exceptionally tight timeframe. 

Case Summary:

• £615,000 second charge completed in just two days from application to completion. 

• Existing second charge of £292,000 repaid as part of the transaction.

• Additional £323,000 raised to provide urgent funding for the client's son's Formula 2 racing career. 

• Secured against a six-bedroom detached property valued at £3.56 million.

• Specialist lender sourced that accepted an AVM valuation on a high-value property.

• Case presented directly to the lender's credit committee, resulting in a fast, common sense lending decision.

The Client:

Our client was a high-net-worth homeowner looking to raise significant capital against their six-bedroom detached property, valued at £3.56 million. They required an experienced broker who could move quickly, understand the complexity of their circumstances and identify a lender that would take a pragmatic view of the application. With a substantial funding requirement and a strict deadline, the client needed confidence that the case would be handled efficiently from start to finish.

The Situation:

The client needed to repay an existing second charge loan of £292,000 while simultaneously raising an additional £323,000 to support their son's Formula 2 racing career. The funding was required urgently, leaving very little room for delays.

The client had initially explored a further advance with their existing first charge lender, but this was declined due to the intended use of the funds, which were deemed to be for a business purpose. This also ruled out a traditional remortgage, as many first charge lenders were unlikely to support the loan purpose. Even where specialist lenders may have considered the application, the process was expected to take six weeks or more, far too long given the client needed the funds within seven days.

The case also presented several complexities, including the need for a lender willing to accept an automated valuation model (AVM) on a high-value property rather than insisting on a full valuation, helping to significantly reduce timescales. Alongside this, the lender needed to fully understand the purpose of the additional borrowing and assess the client's income and overall financial position using a common-sense approach. Coordinating the redemption of the existing second charge lender quickly and efficiently was another key part of ensuring the transaction completed on time.

Our Solution

Drawing on our extensive lender relationships and knowledge of the specialist market, we quickly identified the right lender with both the appetite and flexibility to consider the case. We prepared a detailed submission outlining the client's circumstances and presented it directly to the lender's credit committee, ensuring the full story behind the application was understood. By maintaining regular communication with both the lender and the existing second charge provider, we kept the transaction moving at every stage. Our proactive approach, combined with the lender's willingness to assess the case holistically, enabled a swift lending decision without unnecessary delays.

Benefits & Results:

The £615,000 second charge completed just two days after the application was received, allowing the client to repay their existing second charge and access the additional funding exactly when it was needed. The speed of the transaction ensured there was no disruption to their son's Formula 2 commitments, while the use of an AVM helped avoid delays associated with a full valuation. By leveraging strong lender relationships, presenting the case to the right decision-makers and managing the process proactively from application through to completion, we delivered a successful outcome on a complex, high-value case. It demonstrates how specialist expertise, market knowledge and a common-sense approach can make all the difference when time is of the essence.