Medium Term Loan Case Study – Harold Road
By: James Newland
This is a medium term loan to a borrower who wanted to purchase a property that is currently tenanted by his relatives. Broker anticipates being able to get mainstream funding within 3 years.
|Loan to Value||58% (Inc. first charge of £260,000|
|Interest rate||0.83% pcm|
With a sitting tenant the property itself was insufficient so we have taken a second charge over the borrower’s main residence with over £300,000 equity.