CASE STUDY OF THE WEEK – £2.28M RESIDENTIAL MORTGAGE

SPF

Picture of Richard Smith

Richard Smith

Mortgage Broker

A complex £2.28m residential mortgage deal completed by Richard Smith, adviser in our Gracechurch Street office.

Richard comments: “This was a complicated transaction which included a day one remortgage for a client with no income, currently based overseas and moving back to the UK.

“The property was purchased in cash when the brokerage he was initially speaking to was unable to assist without any income to use for affordability. The purchase was completed by liquidating shares which would incur a large CGT payment. In order to mitigate this tax and to continue as much as possible with his investments, I was introduced by his fund manager to look at asset backed lending options for the client. Through working with our partners at Investec we were able to look at raising 60% of the property value by monetising other investments still held post-completion, allowing the client to continue with his investments and limit their CGT.”

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