News & Views

Borrower strikes gold thanks to £3m Fincorp loan

A borrower in London is set to make an Olympic-sized return on a London property - thanks to a helping hand from Fincorp.
The bridging lender was able to assist the borrower in buying a £4.55m home in London's illustrious Knightsbridge borough by releasing bridging finance to the tune of £3m.
The deal meant the borrower was able to secure the property in time for the run up to London 2012. With the capital hosting the Olympics games an estimated 600,000 people are expected to descend upon London - many of whom will be looking for accommodation.
The borrower will be able to let the property, situated on the stylish Princes Gate Mews, while planning permission is granted and long term development funding negotiated. In time it will be turned into a dream pad with all the fabulous features you would expect from a multi-million pound property including a gym, sauna, steam room and potentially a swimming pool. On the basis that planning is forthcoming, the client anticipates a resale value of the property when complete of around £10 - £12 million.
Despite the huge sums of money involved Fincorp was able to turn around the deal quickly and efficiently - with no stress or strain on the client. And the 'No-fees' mantra, which the lender lives by, meant the client saved a hefty sum. The lender and client are already in talks for further deals - meaning everyone's a winner - now let's hope our athletes are too!
Fincorp specialises in residential property loans, primarily in London and the South East. It can lend anything from £150,000 to £5,000,000, with no minimum or maximum period and loans up to 70% of the property value, secured on the property.

Fincorp praised for its fast and fuss-free 2nd charge lending

Bridging lender Fincorp has been endorsed as a leading 2nd charge lender by successful brokerage Lifetime Mortgages and Finance Ltd. Fincorp, which deals primarily in London and the South East, was able to assist LMF recently in helping a client who was struggling to complete on a commercial transaction due to delays involving their mainstream lender.
2nd charge bridging finance was able to fill the gap.
The client was looking for finance in region of £600,000 secured by way of a 2nd charge loan on their main residence. Fincorp was able to accommodate this and the client was able to complete in just 12 days.
Lifetime Mortgages and Finance's client is not alone. Lenders have squeezed their criteria so tight that only the bare minimum of businesses have managed to obtain funding at a time when small businesses need finance more than ever.
Fincorp is proud, therefore, to receive endorsement from LMF.
Mike Hoare, founder and director of Lifetime Mortgages and Finance, says: "We like dealing with Fincorp because they're very transparent in their approach. There's no fee structure and the paperwork is simple to deal with, as there are no application forms; it's all done by email. From a financial intermediary's point of view, that provides a simple process when making an application.
"Start to finish took just 12 days, from submitting the application to getting the funds in the hands of the solicitor. We always obtain feedback from customers and they were very pleased with the speed and the overall process. It was simple from their point of view as well as ours so we recommend Fincorp to anyone."
Matthew Anderson, director of Fincorp, says: "In the current climate it is successful businesses who need the finance, it is these businesses who have been able to continue trading. Without access to credit their attempts at maintaining and growing their businesses are being hindered."
Fincorp offers 2nd charge bridging loans at 60% of the value of a property, less what is outstanding on the 1st charge.

Fincorp delivers bridging loan in 48 hours

Bridging finance lender Fincorp has proven why it is leading the way when it comes to fast and reliable finance by completing a bridging loan for a client in just 48 hours.
The lender received a request for a sizeable loan from property acquisition specialists London and District Ltd. The client needed the money quickly in order to complete a deal at an advantageous price.
Demonstrating why its mantra of "no fees, no fuss" is much more than just a catchy slogan, Fincorp was able to agree to the deal and release the funds to the client within two days.
Mark Smith, managing director, London and District Housing Ltd, says: "London and District have been using Fincorp since the early 1990's and it has always provided speedy service with its transactions. Fincorp definitely has a place in the current market, this is proven by the fact it managed to turn around a deal for us in 48 hours from the first phone call to drawdown."
Matthew Anderson, director of Fincorp, says: "At Fincorp we pride ourselves on being a lender clients can rely on when they're up against it and our clear cut lending helps us to assist them quickly and with minimum fuss. We're very pleased to have been able to help Mark."
Unlike many specialist lenders, because Fincorp is a principal lender customers are able to get a decision immediately without having to wait for authorisation from anybody else. What's more, once an offer has been made by Fincorp (usually within 24 hours) customers can feel assured that the lender will not break its promise.
Fincorp specialises in residential property loans, primarily in London and the south-east. It can lend anything from £150,000 to £5,000,000, with no minimum or maximum period and loan up to 70% of the property value, secured on the property.