The loan was required to repay an existing charge, on which the client was paying a high interest rate. Hope Capital also provided an additional £500,000 for business purposes.
While the loan application was in process, the client’s business interests required him to spend much of his time overseas and in different timezones.
Hope Capital overcame this by using video conferencing, ensuring contact was maintained throughout the loan process so that any issues were ironed out without him needing to be in the country, speeding the case up.
Gary Bailey (pictured), managing director of Hope Capital, said: “This was a complicated deal but with Capital B as the client’s broker, the client, solicitors, planning experts, valuers and insurers all working together, Hope Capital showed once again that we can get deals done quickly and provide clients with the solutions they need.
“The deal threw up a number of challenges, however Laura Carr and the underwriting team used their combined experience to find an appropriate solution for the client.”
Andre Bartlett, a director of Holborn-based brokerage, Capital B added: “The team at Hope were incredibly helpful, they overcame every obstacle, working in partnership with lawyers and valuers as well as myself to help make the transaction as easy as possible.
“Many other lenders would have waited until my client was in the country to deal with everything which would have significantly prolonged the time to completion, but Hope Capital were happy to use video conferencing.”