Case Study: Waterloo Lodge Re-Finance

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Refinance of a stunning holiday home in Scotland to raise funds to build additional similar properties.

The security is a timber framed wooden clad holiday home in a relatively remote area on the West coast of Scotland.

Bookings have always been good but this came to us at the start of a global pandemic, luckily this hasn’t had a lasting effect due to the staycation market. The client is an ex-pat living in the USA and he had previously lived in the property. Cambridge and Counties could see the potential in the project and were fully supportive from day 1.

There were some complications and the client had to produce a lot of documentation before it went to offer as he was overseas. Cambridge and Counties originally offered a loan of £250,000 against a valuation of £450,000 but were able to increase that to £270,000 following underwriting.

The client was offered and accepted terms of 4.5% OBR with a 2% arrangement fee.

The AR charged 1.25% for his work which started in April and involved a lot of contact with the client at inconvenient times due to his overseas location.

The total gross income was £6075.

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