Mortgage Repossession Stopped in its Tracks
In a remarkable display of expertise and commitment, 21Finance, a Kent-based specialist finance broker, has successfully completed a mortgage for a broker client, saving their commercial and residential property from repossession.
The property, which included a plot for the building of nine flats, was due to be repossessed on behalf of a lender that held a first charge of £1.3m against the property. The existing lender had arranged for the property to go to auction due to receivership, which had reduced its valuation down to £390,000 with no chance of a fair sale value.
Repossession can be a daunting prospect for property owners.
However, 21Finance stepped in and found a specialist lender to provide finance within 10 business days on a second charge on one property and a first charge on another property owned by the client.
“21Finance was able to help this particular client because of its expertise, not only in securing the right finance but because of our ability to liaise with all the parties involved including, in this case, the receivers, both sets of lenders and their solicitors.” - Ranjit Narwal, head of originations
He added, “It is not difficult to know likely lenders but only a firm with 21Finance’s depth of knowledge and commitment to getting the deal over the line was going to save these clients from a very bad outcome.”
A specialist finance broker can make all the difference in securing the right finance.
This remarkable feat showcases 21Finance’s expertise in navigating complex financial situations and finding solutions that benefit their clients.
Property finance can be a complex and daunting task, but with the right expertise, it can be made manageable.
In this case, 21Finance’s ability to liaise with all parties involved and secure the right finance saved the client from a potentially disastrous outcome.
A good mortgage broker can be the difference between repossession and a successful mortgage application.
This success story highlights the importance of working with a specialist finance broker who has the expertise and commitment to secure the right finance for their clients, even in the most challenging of circumstances.
