For this project, the client wanted to purchase a six-bedroomed HMO (house of multiple occupants) in their limited company. The Birmingham property has two kitchens and is spread over three floors, it needed to be valued ASAP as the agents had had have a lot of interest in this property.
The loan required was £262,500 and the purchase price of the property was £352,500
The Brokerplan partner approached Precise Mortgages, who declined due to the property layout, then it was discussed with Fleet Mortgages who, due to COVID restriction, couldn’t guarantee when they would be able to get a valuer.
The case was then discussed with Shawbrook Bank, who found the property acceptable and could instruct valuation quickly via their online system. The client was happy to proceed with Shawbrook Bank on this basis, as the interest rate was not his priority but speed in valuation.
The Brokerplan Partner who successfully managed to close this deal earned £4,388.26 in net commission.
This case displays the value of a commercial broker who understands the lending and criteria and funders who operate in this market. At Brokerplan we provide both initial business launch training and ongoing training and support to help facilitate and improve our Broker’s knowledge of current products and criteria to ensure they are able to find the best solutions for their clients.
