Amount: £2,167,500 | LTV: 75% | Term: 10 years
A longstanding client of Aria Finance, who is very experienced BTL and commercial landlord and developer, approached us for a funding solution.
The previous year we had sourced finance for the client on a development of 19 new build apartments and 9 commercial units. Our client now required additional funding to complete the new build on the third and final stage, so got back in touch with us.
However, there were complications arising from the fact that the entire new development was listed on one freehold title. The freehold title for our security property also included land for the new build development that works were due to start on soon after mortgage completion.
To obtain the funding required by our client, we needed to create a new, separate title for the land that was being developed and built on, it was essential that this was legally separate to the application on the security property.
The separate application allowed the client to raise the funds needed, while also leaving the option for the client to brain funds for the newly created title and land/development at a later date.
With Aria Finance's extensive panel of over 100 lenders, we were able to successfully work with a lender, with whom we have a strategic partnership, that we knew would have the appetite and the flexible criteria to support a case like this. We were able to utilise this close relationship to create a legal solution to the title solution, in line with the lenders risk appetite.
Our ability to complete this case within 6 months (from enquiry to competition), with the legal complexities, highlights the benefit of Aria's vast industry knowledge and relationships.