When speed is of the essence it helps to have a wide network of trusted partners that will go above and beyond the call of duty.
We had a broker come to us one Thursday with a developer client wanting to remortgage nine investment properties and purchase two more.
He wanted it doing quickly – all completing within two weeks. This was because he had other loans maturing, but had left refinancing until the last minute. This happens a lot more than you might think with developers, but luckily the best packagers can achieve even the tallest of orders by using their experience and contacts.
In this case, each case in itself wasn’t tricky but getting all 11 through at speed isn’t the norm. It’s a challenge but that’s what we thrive on. All the properties were within the same portfolio, in a limited company structure, and all in and around the Milton Keynes area.
Putting in the legwork
Needless to say, Thursday and Friday were pretty busy. As a premier packager, we pre-underwrite cases so we were confident that they were solid, and we managed to get all 11 accepted by Friday – in one day.
Getting the right information from the client and broker is key to getting a deal through quickly, and that’s just as important for a one-man band broker, because it’s all about having every detail right first time. If you are confident that the information you have is sound, and you know your lenders inside out, you don’t get many unwelcome surprises.
We approached the lender on the Friday and they agreed £2.4m of lending that day, going above and beyond too. They know that we give them good quality, packaged cases, and that we aren’t tyre kickers.
Before we had the agreement, we pre-booked the valuer in for Monday, despite the valuation fees not even having been paid at that point. Having trusted relationships like this across the industry means we – and our partners – can go the extra mile when we need to.
It all stacked up, the valuation fees were paid and the valuations were done on Monday. Now the cases are going through legals and we are confident they will all comfortably complete within two weeks.
Obviously, cases like these are not standard, but what this particular case highlights is how important strong business relationships are in this sector.
The goodwill we have at TFC works two ways. We give top quality, pre-packaged and robust business to lenders and they go the extra mile for us. Same with our valuation partners, legal partners and of course, our amazing broker partners who give us the business in the first place.
Products matter, criteria counts and technology makes life easier, but it’s people and relationships that keep the specialist sector moving.
“The hiking of taxes for the self-employed announced in today’s Budget will leave them with less money in their pockets.
“We already know that the self-employed are not adequately served by the mainstream mortgage market, facing challenges in verifying their income and proving affordability.
“The measures announced today could exacerbate these challenges, and make it even more important that self-employed borrowers can access specialist mortgage funding as they become increasingly distanced from high street lenders.
“Quality packagers, such as TFC, understand the pressures faced by the self-employed, their variable and often complex income streams, and can help your clients gain access to mortgages from lenders that support those who work for themselves.”
“By softening the blow for small businesses which would have been battered by the revaluation of business rates this year, Hammond has saved many from going under.
“That would have been no good for the economy so this pragmatic thinking and the £50 a month cap should be welcomed.
“It will be interesting to see which local authorities will benefit most from the ‘discretionary relief fund’, but the bigger picture is that this is a sensible move to keep Britain’s nation of shopkeepers in business.”