The Client:
The client is a BTL Property owner who has downscaled from a larger BTL portfolio to a single property over the years. The one remaining BTL property was a 2-bed terrace property and was mortgage-free.
The Situation:
The Client received a large tax bill from the HMRC related to historic BTL properties they owned.
The client’s accountant had to give a disclosure to HMRC, but before they would confirm the total amount to be paid, the client needed to pay £50k within a short timeframe.
A traditional BTL mortgage could not be organised within the timeframe to get the funds the client needed.
Our Solution:
Instead of attempting to release equity in the house by way of a standard BTL mortgage, we were able to instead offer a BTL bridge to release the £50k in a timely manner.
We wanted to avoid having to go through a formal valuation process, but fortunately the property met the requirements for assessment via AVM.
From the moment the formal application came in, we were able to arrange the bridge and complete within 4 days.
This gave the client peace of mind, knowing that they could pay the HMRC without incurring hefty penalties, and refinance the bridge into a traditional BTL mortgage afterwards.
Benefits & Results:
- Secured a £50k bridge within 6 days of the initial enquiry
- AVM used to ensure a quick turnaround on releasing funds
- Turned a potential tax nightmare into a secured finance solution
This case highlights how Aria can help clients who need fast access to secured borrowing when they are unable to go the mortgage route. Our partnerships and technology made all the difference in ensuring a quick turnaround.
