The investor, whose properties were located in Lambeth in South West London, needed to refinance his portfolio to repay a bridging loan approaching the end of its term.
CHL Mortgages assigned a single underwriter to manage the case from start to finish to speed up the process. Working closely with the sales team and the broker, the underwriter coordinated the assessment and valuation process so that offers could be issued simultaneously. Lending on one of the properties was capped to remain within exposure parameters, allowing the wider portfolio to proceed.
Following the issue of an offer, several last-minute changes were required following accounting advice, including changing all the applications from five-year fixed-rate products to two-year fixed rates, which increased the client’s exposure beyond the initial limits. In response, CHL Mortgages completed nine of the cases to pay down the majority of the bridging loan, with the remaining case reviewed and subsequently approved, enabling the full refinance strategy to complete successfully.
The lender was able to proceed using search indemnity insurance to allow the investor to repay the bridging loan without breaching the terms of the deal.
Roger Morris (pictured), group distribution director at Chetwood Bank for CHL Mortgages and ModaMortgages, said: “By assigning a dedicated underwriter and working closely with the broker, we were able to structure the lending creatively, manage exposure carefully and deliver the refinance within a tight time frame. I’m really proud of the team for finding a way to make the deal happen – it’s a great example of our commitment to doing all we can to help brokers place their complex cases in a speedy manner.”
Giving brokers the winning edge
Sponsored by Rely
