Hampshire Trust Bank’s Commercial Mortgages team completed a £550,000 loan just five working days after the decision in principle (DIP) was made.
The application was submitted by Sussex-based specialist distributor RHL on behalf of a professional landlord who was looking to refinance one of his buy-to-let properties to pay off a loan and raise funds for further investment. The loan has an LTV of 62.85%.
Natalie Glover, Underwriting Manager at RHL, said: “Terms were issued on the same day that the DIP was submitted and we were able to instruct the valuation as soon as the DIP was agreed
“It was useful to have control over instructing the valuation, dealing directly with Appraisers UK Ltd to sort out any issues and chase the return of the report makes the process much slicker. Hampshire Trust Bank also chased the report as they were aware of the urgency to refinance this case.
“The offer was issued incredibly quickly and we were able to liaise directly with the solicitors and find out exactly what legal requirements were outstanding to be able to chase for a quick completion.
“We completed the loan within five days between offer and completion. The service from Hampshire Trust Bank and solicitors Paris Smith was excellent throughout the whole process.”
Hampshire Trust Bank launched into the commercial mortgages sector earlier this year and currently offers four commercial mortgages products – Buy-to-Let & Commercial, Bridging finance, Refurbishment Finance and Development Exit Finance – with loan amounts from £100,000 to £10m.
Colin Bell, Managing Director of Commercial Mortgages at Hampshire Trust Bank, said: “We look forward to working with RHL again. As a former mortgage broker, I understand how important it is to provide great service in a timely manner. The commercial and professional buy-to-let property sector moves quickly and it is vital that we can provide customers with access to financing when they need it so they don’t miss out on that all-important next deal.”
For more information visit www.htb.co.uk/commercial-mortgages