Multi-unit freehold block / Development / Multi Ltd Co exit
Multi-unit freehold block / Development / Multi Ltd Co exit
I’ve just finished my development, and I want to hold onto all the properties. I have a omplex structure and every lender I speak to can’t help – it can’t be that hard surely?!
The challenge
Our client had just finished a property development which included a commercial unit, 9 flats and a house.
The development loan was charged over several titles, and the client wanted to keep the residential properties for investment – buy to let.
He also wanted to operate his estate agency business from the commercial.
The only word for unravelling a suitable solution is a ‘quagmire’ of variables which can decline a case instantly.
The solution
This is where a broker’s experience and expertise comes in handy, and knowing where the pitfalls can be in regards to lenders requiring charges on both the freehold and leasehold, block values, transfer of ownerships and creating separate leases.
We found lenders who were happy with all of the pitfalls, whilst painstakingly making sure all variables were considered, and liaising with solicitors and valuers at the same time.
After thought
When dealing with complex situations it’s imperative you work with someone who understands not on the pitfalls and problems you can see, but also the ones you can’t see and wouldn’t even consider to be a problem. We’ve helped countless clients in similar situations so know this area very well. We love to roll up our sleeves!
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David was absolutely amazing, from helping us find the right mortgage, to advising us, to being on hand for silly questions we had. Nothing was too much trouble for him. I will absolutely be recommending him to our friends.
Frederica Turner