Remortgaging becomes urgent for borrowers 07.10.2010

We are starting to see an upswing in enquiries from borrowers needing urgent remortgages, especially those with residential and commercial investment portfolios. Fortunately, with semi-exclusive access to the likes of Paragon and Aldermore, and strong relationships with all the major lenders, we continue to source alternative finance for many applicants. More is still needed though to ease the flow of credit, especially to start-ups and those owner-occupiers looking to refinance premises having survived a difficult trading period over the last couple of years.

 

We continue to work with lenders new and old to get more products out into the market and I’d welcome the views of any borrowers needing to refinance property at the moment. Currently we are arranging finance for the following:

 

 -- All types of residential investment properties

·         “Vanilla” buy to let

·         HMOs

·         Limited Company BTLs

·         Multi-unit freeholds

·         Development and refurbishment projects

 

 -- Semi-commercial properties (typically shop with flats above)

 

 -- Commercial investment properties

 

-- Commercial owner-occupier/trading premises

 

-- Care homes

 

We also are arranging finance for a few hotels but in general, appetite amongst most of the lenders for the leisure sector is pretty low at the moment. We have received a number of funding requests for guest houses/B&Bs, pubs and restaurants and applications need to be extremely strong to be successful in securing finance. There is also little interest from the banks in lending based on projected income so start-ups are struggling and need robust business plans and a large cash contribution to get a lender interested.

 

It’s still tough out there but we’re getting there.