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12 Aug 2020 / Loans

Limchester Properties Set To Expand With Help From Time Finance

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Limchester Properties are set to invest in a new buy-to-let property in the Bristol area thanks to the re-mortgaging of an existing property portfolio.

Clive Mcnamara, director at Limchester Properties, reached out to loan broker, Just Contact, to identify a viable lending solution that would allow him to raise the £750,000 capital needed to invest in a new business venture.

Specialist lending packager, Time Finance, approached their panel of lenders on the broker’s and client’s behalf. Their long-standing relationships with key lending institutions meant they could bring this business plan to life by swiftly sourcing the best deal and at a competitive rate.

Despite tight time constraints and complicated nature of the deal, the £2.35m contract was completed with ease and the client was able to secure the new property whilst remaining on an interest-only mortgage.

Alun Winter, Head of Loans at Time Finance, said: “This deal was particularly unusual and quirky as 8 of the 19 flats in the existing property portfolio measured under the square footage usually accepted by lenders on our panel. We recognised Clive’s extensive expertise in this field and impressive property portfolio and because of this got the deal agreed with one of our lenders. The ease of completion is testament to the long-standing relationships and strong levels of communications our processing teams develop with all parties involved. Overall, we’re delighted to have been able to support Clive as he continues to invest in and grow his property portfolio.”

Clive Mcnamara, Director at Limchester Properties, said: “I am very pleased to have completed this buy to let purchase with Time Finance and Just Contact, who helped me get this deal across the line. I can now look forward to investing in new premises and expanding my property portfolio further.”

Iain McGregor, Broker at Just Contact, added: “It’s always a pleasure to work with the team at Intelligent Loans and together, our client-driven approach meant that we were able to help this already successful business grow. It was a fantastic outcome for Clive who was delighted at how hassle-free the process had been.”