From the sublime to the outlandish, look at what we got approved
Application for a Â£2,000,000 secured loan
This is the largest secured loan in history. When we first received this case we knew it had merit and was a good case due to the LTV, however the £2,000,000 request sent shockwaves around the team.
The client had approached an IFA with a view to remortgaging, the client had recently upgraded their mortgage to a favourable rate, remortgaging again would have lost the rate, triggered penalties and was not the most economically viable option for raising the money.
After consulting a number of lenders and exploring various options, Freedom and the IFA decided to work in conjunction with Shawbrook Bank. Given the size of the loan and the complexity involved, we needed a lot of detailed information in order to accurately assess the affordability and risk and to determine the best product for the customer. After weeks of discussions and in depth conversations the client got their £2,000,000.
An application for a loan to buy shares
We received an application from a broker who had a client who wanted to purchase shares.
The client was a Greek national, residing in France, his security for the loan was on a buy-to-let property he owned in London.
He didn't need to send in any original ID, it just required certification in his country of residence and to satisfy the lenders compliance requirements due to being completely outside criteria.
An application for home improvements without permanent rights to reside
We received an application for a home improvement loan.
The 1st applicant had severe adverse credit due to work permit issues and the 2nd applicant didn't have full rights to reside, they were both from Ghana. Despite the 1st applicants adverse credit (there was a perfectly valid explanation around this) the lender took a common sense approach and we managed to get it approved on the 1st applicant only as w weren't relying on the 2nd applicants income.
Application for a loan for home improvements
We received an application for a loan for home improvements. Whilst the application was being processed the applicant worked with the land registry and his solicitor to split the title on his land. His future plans were to renovate his existing property and to sell it, his mortgage and secured loan were secured on this title.
The sale of his existing property would allow him to build a new house on the land with the new unencumbered title, enabling him to speed up the process to be mortgage free.
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