Our client wanted to snap up a plot of land in a prime location through a private land sale, with the seller giving us just two weeks to complete.
Because the amount was above our loan-to-value limit, we agreed with James that the additional sum would be set against his main residence. This required a further discussion when the valuation for the land came in 25% below the asking price, and we needed to revalue the main residence, as the last valuation was completed in 2015.
We also advised James that cash reserves in his business could quickly pay down some of the amount being borrowed, despite knowing that this process would take two months to achieve given the company was near its financial year-end.
The loan was drawn down in time for the purchase and the land acquired, despite a delay in completion due to the approval needed from the Royal Court for the transaction to go ahead. James appreciated our approach to the facility and the flexibility we provided given the tight timeline. James and Angela are now looking to draw up architect plans to make the most of the sea view for life as empty nesters in the future.
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Clients can borrow against a UK, Isle of Man or Channel Island-based residence, be it a home or an investment property. We also lend against investment portfolios, and loans can be denominated in Sterling, Euros or US Dollars.
To find out more about Nedbank Private Wealth’s bespoke lending services, please contact your private banker directly or call our client services team on +44 (0)1624 645000. Or you can get in touch using the links to the forms towards the end of this page.
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