The loan — which was secured on a hotel — had reached an impasse due to issues regarding the building insurance.
The provider chosen by the insurance broker could not deliver the documentation in the correct format for the new lender and the lender was unwilling to adapt its requirements.
Yellow Stone Finance managed to use its network of relationships to provide alternative insurance quotes that met the lender’s requirements and prevented the client from having to pay an excessive default rate.
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“The high cost of default rates has been a hot topic recently and rightly so,” said Miranda Khadr, founder of Yellow Stone Finance (pictured above).
“Our client faced the prospect of having to pay up to 5% for a three-month extension when their application to refinance the loan fell through.
“That’s more than £17,000 on a £350,000 balance.
“Fortunately, in the tight timeframe, we were able to leverage our strong relationships to rescue the deal and save the client considerable expense.”