At Coreco, our Specialist Finance team arrange mortgages for borrowers from all walks of life, especially those with very complex income sources and often very unique financing requirements.
We specialise in making even the most complex loan as simple as possible, whether you are looking for a buy-to-let portfolio loan, bridging finance, commercial development finance, ultra-large mortgage loans or offshore company requirements.
To this end we thought it would be a good idea to show you examples of the type of mortgages we have arranged which have enabled our clients to obtain the funding they need with the minimum of fuss and structured in the way that suits them best.
Case Study 6 - Development Finance
Our clients wished to acquire a warehouse in Camden, London at an auction for £1.5m. The warehouse was classed as storage premises and was being bought with vacant possession.
The aim of the project was to convert the property into 3 residential flats under “permitted development”, which was to be applied for after the acquisition.
The Purchase Price was £ 1.5m with Development Costs of £500,000. The sales value, (GDV) was £3.17m.
Our clients approached Coreco in order to secure the maximum gearing for the purchase and the subsequent development and we were able to obtain a loan of 75% of the purchase price with a further 15% available if required on receipt of Permitted Development. We also funded 100% of the development costs.
All of this was achieved at a rate of 1.25% per month with a 2% Arrangement Fee and an exit fee of 1.25% of the GDV.
Case Study 5 – Development Finance
Our client approached us wanting to purchase a serviced office building in a secondary location in Surrey, close to the A3. The property consisted of 27,000 square feet, over a 3 story building and was to be acquired with the benefit of planning to convert the existing building into 46 residential flats, with associated car park spaces under the ‘Permitted Development’ scheme. No CIL; S106, or affordable housing required.
Conversion project with no major structural works meant reduced time to build of 18 months.
The client had been offered terms by lenders they had existing relationships with, but were looking to achieve higher gearing, with minimal equity input.
On a Purchase Price of £4.1m and a Development Cost of £2.6m, we were able to broker a loan of £5.7m at a Loan To Cost Ratio of 85%. This was arranged at a cost of 0.91% per month with a 2% Arrangement Fee over a term of 18 months.
Case Study 4
Mr K approached Coreco SF when the large property in West London next door to his hotel came onto the market.
Our client faced several issues, firstly the property had been converted without consent into an HMO and his existing commercial loan had a legacy rate too good to refinance. In addition the property sale was being handled by a receiver so a deadline for completion had been set following the clients exchange.
The solution was to review the clients’ entire property portfolio and blend the total funding requirement across 4 properties. These comprised a standard buy to let house, three flats in one house on one title let as holiday lets, the main hotel and the property he was purchasing which would become an addition to his current hotel.
In total financing of £2,433,000 was raised using both first, second charges and bridging finance. All this was successfully achieved without changing the legacy rate of the clients main existing commercial loan.
Case Study 3
Mr H approached Coreco SF when his existing loan came up for renewal with a now defunct lender as they were not able to offer new terms.
This had no bearing on the clients’ ability to service the loan, simply that the lender was now closed for business.
The properties were a range of building freeholds and commercial properties including retail units, offices with a value in excess of £3.75m.
New terms were obtained with a high street lender to replace the current outstanding debt and additional capital was raised for additional investment. The loan itself was made to the clients Ltd Company.
Case Study 2
Mr K approached Coreco SF on the recommendation of his accountant when his current lender was not able to offer extended terms when his current scheme expired.
The property in question was a parade of shops with various tenants including a restaurant and a fast food establishment not let to national tenants.
A high street lender was found to provide a replacement new loan in the name of the clients Ltd Company.
Case Study 1
Ms L was a new developer who approached Coreco SF on the recommendation of Sarah Beeny from Tepilo.
She required bridging finance to purchase a ground floor flat in need of refurbishment which she intended to sell onwards following completion of the required works.
Short term funding was found to allow the purchase to complete with no early redemption penalties for redeeming the loan, providing a minimum of only one monthly payment had been made. The loan was made to the clients Ltd Company.
If you would like to speak to a consultant specialising in this area, and we would recommend this, please call 020 7220 5100 or click here for more contact options.
Business such as residential and buy to let mortgages in the UK are provided through Coreco Partners LLP, other business such as overseas mortgages and commercial mortgages are provided through Coreco Specialist Finance Limited and are not regulated by the Financial Conduct Authority.
Coreco Specialist Finance Limited. Registered office: 117-119 Houndsditch, London EC3A 7BT. Registered in England, Number: 06851546