How we helped a client to build their dream holiday home
Recently one of our clients approached us for 2 reasons:
- To assist with refinancing a loan which they had previously used to purchase a block of land
- They also wanted to secure an additional loan to enable them to construct a holiday home on the block
The client was self employed.
Unfortunately, Covid had affected the client’s 2022 financial results for their business, which meant securing a loan approval would be challenging.
Careful research and selection of an appropriate Lender would be critical, as opposed to submitting a loan application and simply hoping for the best outcome!
By researching the Credit Policy of several Lenders, we were able to narrow down the options to just 2-3 possible Lenders.
We were then able to build a solid financial story using 2021 business financial results, together with a 2022/2023 forecast, which we then workshopped with the Lenders, enabling us to choose the Lender who we felt was most likely to approve the finance application.
The Land Loan was refinanced to the new Lender, and a new Construction Loan was also approved off the back of our valuable research.
The client was over the moon, and they are currently in the process of building their new holiday home.