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Impact and Harpenden BS join forces to secure £1m non-standard resi loan

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  • 12/11/2019
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Impact and Harpenden BS join forces to secure £1m non-standard resi loan
Specialist packagers Impact Specialist Finance and Harpenden Building Society have secured a £1m interest-only residential loan for a customer in their 50s on “a very upscale” new build on the River Thames, London. 

 

The property was valued at nearly £2m, some units in the development carried restrictions for borrowers over the age of 55 and it was above a commercial property.

“The transaction was for a very upscale 19th floor new build property on the south bank of the River Thames, London,” the broker’s and lender’s statement said.

The case showed “how brokers, packagers and lenders can combine to secure highly complex residential property transactions,” and demonstrated “the value of building societies’ more criteria-based lending,” it added.

“This particular case had so many non-standard aspects and would have taken a lot of time for a broker to manage. The complexity really demonstrates the value of a packager,” said Dale Jannels, managing director at Impact Specialist Finance (pictured).

“Hats off to Harpenden BS for its common sense underwriting, support throughout the process and getting this multi-faceted case over the line,” Jannels added.

Graeme Aitken, business development manager at Harpenden BS, said: “There were a number of non-standard aspects, but when I initially discussed this case with Impact I was confident that the overall quality of the proposition was one that we could assist with.

“Impact’s understanding of our criteria helped to achieve a solution for a tricky lending proposition,” he added.

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