Specialist bridging and BTL lender Mercantile Trust has completed a £65,290 loan in less than two weeks to fund improvements to a landlord’s investment property.
The case was introduced to Mercantile by Norton Finance, which was searching for a solution for its portfolio landlord customer.
The solution came in the form of a second-charge two-year fixed-rate BTL loan on a 300-month, interest-only term at 72.6% LTV.
The deal — which was accompanied by free legals — was not being eligible for an AVM, however Mercantile managed to complete the case in 11 working days.
Maeve Ward, director of commercial operations at Mercantile Trust (pictured above), commented: “Brokers such as Norton — who we have worked with repeatedly over the years — come to us knowing that we apply a common-sense approach to lending.
“In this case, we were able to help the borrower with their affordability requirements by utilising top slicing and therefore provide the funds required for their home improvements.”
Jimmy Allen, broker account manager at Norton Finance, added: “This case example shows even in current market conditions the flexibility and speed of a second-charge BTL loan.
“The ability to source profit from a client’s portfolio to cover any potential rental shortfall is a real USP, and one which really interests our broker partners.
“This allowed the client in question to complete urgent works to the security property.
“We look forward to continuing and growing our partnership with Mercantile Trust and thank them for their support on the case.”
