Bridging loan firm, SoMo, has partnered with Y3S Bridging and Commercial to secure a £1.6m loan on behalf of its client to purchase a £1.8m residential, buy-to-let property in Birmingham, in a matter of just weeks.
Senior specialist mortgage advisor at Y3S, Gareth Davies, worked closely with SoMo’s head of underwriting – Rob Johnson (pictured), junior underwriter – Joe Cash and senior business development manager – Jade Keval.
Keval said: “The tight deadline proved to be the main challenge and it was initially agreed that the client would secure a first charge on the intended purchase property and a second charge over another asset with equity.
“However, consent on the second charge element was unexpectedly declined. SoMo and Y3S had to act fast to find an alternative solution.
“Working with Gareth and the Y3S team – one of our Broker Family members – is always a pleasure.
“Being able to assist with a large, time sensitive case that changed part way through shows the importance of the relationship between a broker and lender, and how working closely towards the same goal can make all the difference.”
Davies added: “This was at times a very trying case, but it was perfectly managed to an impeccable standard by SoMo.
“When the original plan started to go sideways, causing issues with the loan amount and lending structure, some joint quick thinking allowed us to sort an increased loan amount for the client. It was completed on time thanks to very rapid work at the legal stage by JMW.
“The client successfully purchased the buy-to-let for £1.8m while also being able to pay off the current mortgage on a separate property, with the exit to the loan being refinance.
“It was great team work all around; our client couldn’t be happier and we at Y3S were equally delighted we were able to help our client get exactly what they needed within the agreed timescales.”
