The client wanted to convert a care home — which is currently in full operation — into flats and required a loan to refinance an existing balance as well as raise extra funds to apply for the planning permission.
As the client had a low LTV deal and a good track record, Yellow Stone Finance was able to improve on an existing rate offered by another broker by 4% per year.
Miranda Khadr, founder of Yellow Stone Finance (pictured above), said: “It’s a competitive lender market and there are great deals available even for clients with relatively complex circumstances, like refinancing a care home to fund redevelopment.
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“The key to achieving these rates is working with a broker that has expertise and experience in specialist finance and strong relationships with lenders.
“Brokers who are less experienced in this market may be able to place a deal, but how do they know they are securing their clients the best deal?
“It’s often a good idea to partner with an expert to ensure the best possible client outcome.”
Yellow Stone Finance recently rescued the completion of a £350,000 development exit loan in just two days.