A vintage deal!
Douglas Wood lives in the Bridge of Allan, Scotland, his passion is wine and he jointly owns WoodWinters, a whisky and wine specialist, who offer an eclectic range from around the world. Like many of our customers, he has multiple business interests, one of which is being Buy to Let landlord.
Douglas was considering investing in the North West of England to add to his existing landlord portfolio. After careful research he found a property in Knutsford that had potential due to a need for extensive development work and the good capital appreciation in the area. The property became available in auction, and he managed to purchase at an acceptable price. After paying his initial 10% deposit the next challenge was to secure funding within the 28 day timeframe!
John Edwards, Douglas’ dedicated long term broker met with him to ascertain his landlord mortgage finance needs. John identified the need for rapid completion and at a favourable interest rate. Through his contacts John negotiated the funding with the required terms and interest rate and most importantly within the time constraints.
Douglas then reviewed the development potential of the property, gained planning permission and significantly extended the property. Again John negotiated funding on his behalf, positively presenting the landlord’s project to lenders. Using his experience was able judge the most favourable interest rate obtainable.
Like many of our customers, two years later Douglas’ circumstances changed and he needed to release funds to invest in his expanding wine business. He approached John, who suggested he remortgaged the Knutsford property at the enhanced valuation after the works had been carried out. The decision was made to remortgage with an alternative lender who offered a more favourable interest rate and terms. This allowed Douglas to release substantial funds above the capital injection his business required.
WoodWinters is run by three friends who met while judging at the International Wine Challenge. They offer award winning wines for all occasions from £4-£400. Of most interest is their bespoke mail order service where customers choose the frequency and value of their case and trust WoodWinters to use their experience to choose the wines, giving free delivery across the UK.
For further information visit www.woodwinters.com
