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developed view of what this means. So if from time to time we do things differently from other lenders it is probably for a good reason.


serviCe stAnDArDs When we were discussing our entry into the market with brokers one area that came out loud and clear as needing attention was service levels. Many brokers felt that lenders did not treat service levels seriously and it was common place for deals to take ages and regularly get turned down or changed at the last minute. This is a common sign of a market that has insufficient competition and I hope that our continuous


CAse stuDies


A liMited coMPAny APPlicAnt looking to rAise £350,000 inclusive of retAined interest AgAinst A current estiMAted vAluAtion of £800,000. the net loan of £300,000 is to be released in two stages; initially £200,000 will be released, and the remaining £100,000 if required. the valuation will be carried out by a specialist off-panel firm experienced in these types of properties eg. gvA grimley, lamberts, Cluttons or Drivers jonas. the property is a pub that has been converted in to nine residential two-bed flats. All conversion works have been carried out, and the monies raised are required to complete the second fix and install kitchens and bathrooms in each flat. the loan is to be repaid from the part sale of the flats (two or three of the nine), no partial reduction in security, as someone is lined up to purchase three once completed. the company has provided an assets and liabilities statement that


highlights assets of £20m against of £9m, together with strong accounts for yearend December 2009. Pgs from the two directors will be taken as extra security. the interest is to be retained for the term of the loan and deducted upon completion/part release.


individuAl APPlicAnt is looking to rAise £485,745 AgAinst An estiMAted vAlue of £650,000, the Monies Are to finAnce the buyout of his business PArtner And rePAy the current MortgAge. the exit is by the sale of the property currently on the market, however refinance would be available if required. interest is to be retained for the term and deducted from the advance upon completion. A comfort charge has been requested against the applicant’s current residential property.


APPlicAnt looking to rAise £61,530 AgAinst An investMent ProPerty with An estiMAted vAlue of £200,000.


the property is currently u nencumbered and the monies are to be utilised to complete the total refurbishment of the property, to allow the property to be refinanced on to a term loan. interest to be paid monthly.


individuAl looking to rAise £220,000 AgAinst An estiMAted vAlue of £400,000 on the stAndArd bridge Product. the money raised is to re-invest in to a further business venture. the repayment strategy is sale (property is currently on the market), however if the property has not sold within three to six months, the security will be refinanced on to a term loan. the loan to value equates to 56% with interest being paid monthly.


Joint APPlicAnts looking to rAise £2M on A ProPerty worth £3M in centrAl london. the property is being completely renovated and estimated valuation when complete is £4m. the exit is refinance and let the property out. the applicants have terms from another lender for the refinancing.


Bridging InTrodUCEr july 2011 33


focus on service will set us apart from the crowd. We have designed all of our processes in order that we are easy for brokers to deal with and that customers are treated fairly at all times. A good example is that just a


few weeks after launch we made changes to our decision in principle process and our application form as a result of feedback from brokers and our sales team and I expect that this will continue as we find new and improved ways of doing business.


Whilst I am confident that


brokers who give us a try will be very impressed, problems occasionally occur and I always


pride myself on being available to brokers if they want to discuss any service issues with me directly, my contact details are available on our website.


I am sure that roger Morris, our sales director, and our sales team share the same ethos so if you need to contact any of us even outside of hours please feel free to do so. I am sure Precise Mortgages will not be the last or the biggest lender to enter short-term lending so we will all have to keep on our toes if we want to win market share. This will become a competitive market and there will be winners and losers just as there is in every growth market.


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