Remortgaging of a Multi-Unit Freehold Block, exiting a bridging loan. The client had to extend his bridging loan due to previous mortgage applications being declined post valuation.
The issue the client was facing was a studio flat being under 30sqm and the walls were also found to be too thin.
Our team at Cornerstone Commercial Finance placed the client with a suitable lender, who was able to raise 75% LTV and allow works which needed to be completed to be a condition of the mortgage. This allowed the client to exit bridge before default.