This particular client was referred to us via one of our partners who was struggling to place the deal. The deal overall was quite complex as the client had recently sold a business. They had contracts signed for a deferred payment in 9 months. This was truly a no income proof scenario.
The client had found the property they wanted to purchase which was a large estate in Hampshire. The property and outbuildings required refurbishment works and the client planned to do this over the period of 15 months after which point they would clear the bridge.
We worked on a solution with one of our lending partners who were happy with the case and also with the income proof not being available in terms of monetary payments in real time. The exit route was clear as the client had legal contracts in place to confirm a payment was due to them which more than covered the loan be offered.
We arranged the funding within 4 weeks - there was slight delay due to Covid-19 for the valuation to be booked and to come back in. The client completed with 8 weeks as the legals took some time to get through.
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