{"id":13526,"date":"2022-12-20T10:02:25","date_gmt":"2022-12-20T02:02:25","guid":{"rendered":"https:\/\/www.dev.articusfinance.com\/uncategorized-ch\/large-bridging-loan-for-overseas-client-previously-declined-by-a-different-lender"},"modified":"2023-09-05T10:10:23","modified_gmt":"2023-09-05T02:10:23","slug":"large-bridging-loan-for-overseas-client-previously-declined-by-a-different-lender","status":"publish","type":"post","link":"https:\/\/backup.articusfinance.com\/ch\/case-studies\/large-bridging-loan-for-overseas-client-previously-declined-by-a-different-lender","title":{"rendered":"Large bridging loan for overseas client previously declined by a different lender"},"content":{"rendered":"<h2 style=\"color: #134f5c; font-size: 15px;\"><strong>The case in brief<\/strong><\/h2>\n<p><!--more--><\/p>\n<ul style=\"font-size: 12px;\">\n<li>Client: Hong Kong\u00a0national\u00a0 and resident<\/li>\n<li>Property type:\u00a0Buy-to-let Refinance<\/li>\n<li>Property value: \u00a323m<\/li>\n<li>Loan Amount:\u00a0\u00a316.1m<\/li>\n<li>LTV: 70%<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">I<span style=\"font-family: Verdana, Geneva, sans-serif; font-size: 13px;\">n this case, a new client, who was referred by an existing customer, approached us to raise capital to fund the construction of a retail park in Hong Kong. They had been let down at the last stage by another lender and needed the funds as quickly as possible or faced suffering severe penalties due to the delay in construction in Hong Kong. Fortunately for the client, we have expertise in securing quick high-value financing.\u00a0<\/span><\/p>\n<p style=\"font-weight: normal;\"><span style=\"font-family: Verdana, Geneva, sans-serif; font-size: 13px;\">Suppose you\u2019re currently searching for property finance although living overseas. In that case, our page, <span style=\"color: #45818e;\"><a style=\"color: #45818e;\" href=\"https:\/\/backup.articusfinance.com\/ch\/uk-mortgages-for-hong-kong-residents\" target=\"_blank\" rel=\"noopener\"><u>UK Mortgages For Residents in Hong Kong<\/u><\/a><\/span>, could be a worthwhile read \u2013 To find out how we do it, explore our <a href=\"https:\/\/backup.articusfinance.com\/ch\/overseas-mortgages\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline; color: #45818e;\">Overseas Mortgages page<\/span><\/a>.<\/span><\/p>\n<h2 style=\"color: #134f5c; font-family: Verdana, Geneva, sans-serif; font-size: 15px;\"><strong>Our client<\/strong><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-family: Verdana, Geneva, sans-serif; font-size: 13px;\">The client was a Hong Kong national who owned two large <a href=\"https:\/\/backup.articusfinance.com\/ch\/buy-to-let-remortgage\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline; color: #45818e;\">buy-to-let<\/span><\/a>, valued at \u00a312m and \u00a311m, respectively.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: Verdana, Geneva, sans-serif; font-size: 13px;\">Although they had a large amount of worldwide wealth, their only current income was derived from the properties in question. Typically, this can be a problem for lenders as they like to see other income to cover any rental lapses or shortfalls. The other caveat was that the released equity was being invested in an overseas scheme &#8211; most lenders require the released equity to be used in a local scheme or a market that they are comfortable with.<\/span><\/p>\n<h2 style=\"font-family: Verdana, Geneva, sans-serif; color: #134f5c; font-size: 15px;\"><strong style=\"background-color: transparent;\">Our solution<\/strong><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-family: Verdana, Geneva, sans-serif; font-size: 13px;\">After an initial consultation with one of our brokers, we were able to produce terms on the same day and submit a well-packed and present the application to the lender the following day. The lender was an offshore bank (based in the Isle of Man), so we were comfortable with the international aspect and the fact that the released equity was for an overseas project.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: Verdana, Geneva, sans-serif; font-size: 13px;\">Our broker ultimately secured financing in less than a month, minimising any penalties the client was accruing. We also began work straight away on a refinance to better the rates the client was facing from a bridge. Take a look at our <span style=\"color: #45818e;\"><a style=\"color: #45818e; font-weight: normal; text-decoration: underline;\" href=\"\/ch\/guides\/short-term-finance\" target=\"_blank\" rel=\"noopener\">bridging guide<\/a><\/span> for more information.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: Verdana, Geneva, sans-serif; font-size: 13px;\">Bridging is a very flexible way to solve problems in a short amount of time. However, it can be expensive, and therefore it is essential to use a broker. <\/span><span style=\"font-family: Verdana, Geneva, sans-serif; font-size: 13px;\"><a href=\"https:\/\/backup.articusfinance.com\/ch\/contact\"><span style=\"text-decoration: underline; color: #45818e;\">Get in touch<\/span><\/a> with one of our experienced team.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The case in brief<\/p>\n","protected":false},"author":1,"featured_media":13527,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[70],"tags":[],"class_list":["post-13526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-studies"],"acf":[],"jetpack_featured_media_url":"https:\/\/backup.articusfinance.com\/wp-content\/uploads\/2023\/01\/evelyn-paris-HNQtAXnQlKA-unsplash-scaled.jpg","_links":{"self":[{"href":"https:\/\/backup.articusfinance.com\/ch\/wp-json\/wp\/v2\/posts\/13526","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/backup.articusfinance.com\/ch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/backup.articusfinance.com\/ch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/backup.articusfinance.com\/ch\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/backup.articusfinance.com\/ch\/wp-json\/wp\/v2\/comments?post=13526"}],"version-history":[{"count":0,"href":"https:\/\/backup.articusfinance.com\/ch\/wp-json\/wp\/v2\/posts\/13526\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/backup.articusfinance.com\/ch\/wp-json\/wp\/v2\/media\/13527"}],"wp:attachment":[{"href":"https:\/\/backup.articusfinance.com\/ch\/wp-json\/wp\/v2\/media?parent=13526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/backup.articusfinance.com\/ch\/wp-json\/wp\/v2\/categories?post=13526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/backup.articusfinance.com\/ch\/wp-json\/wp\/v2\/tags?post=13526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}