Afin Bank has completed its first mortgage, a £1,005,000 deal that involved a particularly complex set of circumstances.
The borrower had bought the property outright using funds from their limited company but needed to refinance quickly to replenish the company pot for tax planning purposes, after another lender pulled out mid-transaction.
The process was complicated further by the fact that the client’s business had recently signed a major new contract that was not reflected in the previous year’s accounts.
Afin Bank agreed to a day one remortgage, allowed company funds replenishment as the purpose, and used the latest year’s income figures.
The case was also expedited through a re-type of the existing valuation, saving both time and cost. The bank offers up to 80% loan-to-value on loans of up to £1m.
James Briggs, intermediary sales director at Afin Bank, said the result underlined the value of strong collaboration between lender, broker and conveyancer.
He added that internal support from the bank’s loan operations team, led by Rebecca Lewis, was also key in getting the deal across the line.
Claire Larsen at Just Money UK, which brokered the deal, said: “We received the offer just 10 days after being let down by the previous lender. James Briggs and Swaraj Dada helped every stage to get this one through smoothly.
“This has given us the confidence to roll Afin Bank out to all our intermediaries. Great effort team.”
