01 Feb 2024
Property developer needed funds quickly
David is an experienced Developer having built several houses and apartment buildings across North West London over the past 30 years. David had just reached the end of his current development when another opportunity to purchase a site became available. As David's own home was unencumbered, he decided to remortgage his home to raise the funds for this purchase.
Property developers sometimes struggle to secure a mortgage on their own home as their income largely comes from selling a site. As the development he was working on had begun over two years ago, there was very little income to prove on his tax returns to be able to prove to a bank he could afford this new mortgage.
We successfully secured David the remortgage and raised £500,000 for him to purchase the new piece of land with 20 days of application. We used a combination of a salary he and his wife were drawing along with the rental income from a small property portfolio they held in personal names. David can now sell his site and be ready for his next project.