McDonnell’s distorted and dangerous version of Right to Buy9:01 AM, 5th September 2019
About 2 weeks ago 35
Initial circumstances: A businessman who worked as a television producer was looking to raise £247,000 to start a new television show. He’d attempted to borrow against his BTL property, valued at £2.75m, which had an existing first charge mortgage of £1.3m but his mortgage lender was unable to provide funding in the timeframe required.
Solution: In just 9 days a loan of £247,000 was completed, by way of 2nd charge, at 56% LTV – with no exit fee or early redemption penalty.
The outcome: The client was able to invest in his new business venture and the 12 month term he’d taken gave him plenty of time to repay the loan.
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