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At a glance:

  • The client had only a short history running their own limited company which presented obstacles in securing a loan from traditional lenders.
  • They had been turned away from several standard lenders previously. After being introduced to Private Finance, our consultant identified that this type of case would be suitable for a specialist building society.
  • Our consultant and the client’s accountant prepared a compelling narrative to present to the lender’s credit committee to have the loan approved.

About

The client was looking to buy a property but had been turned away by several traditional banks due to their complex financial situation. The complexity arose from the client’s short history of running their own limited company – only 10 months – which presented significant obstacles in securing a loan from traditional lenders.

Most require 2 to 3 years of experience running a limited company before considering a loan application. Additionally, the client had not drawn any income from the business and had not yet submitted a personal tax return due to not completing their first full year of business.

Enter Private Finance...

Moving beyond facts and figures to justify complex loan applications

Having been turned away from several standard lenders previously, our Private Finance consultant identified that this type of case would be suitable for a specialist building society, known for their flexibility and willingness to take a more manual approach to lending decisions. These types of lenders often consider the broader context of a borrower’s situation rather than strictly adhering to rigid criteria.

Our consultant worked closely with the client’s accountant and the client themselves to construct a compelling narrative to present to the lender’s credit committee and justify why the loan was sustainable. The narrative included:

  • Demonstrating the profitability projections and ability to draw future income.
  • Presenting previous P60s from the client’s employed work, indicating the potential for future income if necessary.
  • Emails and documents from various professional contacts to evidence ongoing projects for the next 12 to 18 months.

The solution

Thanks to the detailed and well-supported application prepared by Private Finance and the client’s accountant, the building society approved the loan allowing the client to proceed with the buying the house.

This case study highlights the importance of flexibility, personalised service, and strong relationships with a diverse range of lenders, including small building societies only a very small handful of UK brokers have access to. These types of cases require justification for the loan, moving into more depth than just the facts and the figures.

If this is something that is relevant to you please contact us and we’ll see if we’re able to assist. Call us on 0800 980 8777 or email info@privatefinance.co.uk

Whether you have straightforward or complex mortgage requirements. We have seen them all.
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Mortgages for Company Directors

Drawing on 25 years of experience and relationships, we negotiate optimal Company Director mortgages.

  • Experts in diverse income streams including company profits, director loans, dividends, and rental income.
  • Strong relationships with specialist lenders and private banks who can consider complex cases.
  • Opportunities for remortgaging to raise capital for your business.

For a personalised consultation with one of our expert consultants, you can reach us on 0800 980 8777 or enquire below.

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