Returning a £2m listed building to its glory years with a second charge loan – Case Study

by: Sonny Gosai, head of specialist lending at Clever Lending
  • 23/11/2017
  • 0
Restoring a listed country house to its former glory sounds a laudable but expensive aim. Clever Lending’s head of specialist lending Sonny Gosai explains how the broker was able to ensure it did not become a blur.

 

The challenge

Nestling in seven acres of gardens and woodland, and with a market value of £2m, the listed mansion (pictured) is of particular historic architectural importance.

Already mortgaged with a building society, but with early repayment charges in force until 2020, a re-mortgage was not viable.

The restoration is part of an ongoing project over the last three years to restore the property to its original excellence and the additional funds would allow the owners to complete the work required to the highest possible standards.

The plans for the improvements were well thought out and would add value to the already impressive mansion.

The current lender did not want to provide additional funding for improvements, but Clever Lending was able to source a low rate second charge loan.

 

The deal

 

SLS-CASE-STUDY-mansion-231117-v2

 

The solution

The lender sent out its own surveyor to view the property and meet the client to fully assess the case and quickly agreed to proceed with finance – the loan amount was £500,000 over 25 years and an extremely low rate product was agreed.

This case was very special as for a listed, historic property such as this, it is vital that restoration work is carried out to the highest quality.

This loan also shows the many and diverse benefits of second charge mortgages and how they can be used for a wide variety of property types – even listed buildings.

With early repayment charges in force from an existing lender, the second charge was the ideal solution for the client and the rate was extremely low, making it the most suitable solution in this case.

The second charge will help ensure the improvements maintain the quality of the building for generations to come and it’s very exciting to know we’ve contributed to such an important project.

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