Clever Lending completes HOBL for commercial investment

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Clever Lending has helped a customer raise funds for the purchase of a commercial investment.

The broker’s client, an accountancy firm, was looking to expand its operations and as a consequence needed to move into larger premises.

Steve Sanderson, commercial and bridging specialist at Clever Lending, placed the case with Together as the lender was able to provide a homeowner business loan (HOBL), which would help the client achieve their aims within their deadline.

Clever Lending ensured this case progressed quickly and smoothly with an Automatic Valuation Model (AVM) being employed. Dependent on loan size or AVM confidence level, Together can accept an AVM on HOBL cases. In addition, there were no external solicitors involved as the case was funded via Together’s own legal partners.

Meanwhile, with HOBLs, there is not normally a requirement for the first charge lender to provide consent for the second charge, ensuring there are no unwelcome hold-ups.

Together provided a loan totalling £61,283 at a loan to value (LTV) of 70%.

Sanderson (pictured) said: “At Clever Lending we have long-standing relationships with many specialist lenders and so can provide borrowers with a variety of solutions to meet their requirements. In this case, a homeowner business loan was the ideal product for the client, allowing the client to access funds much more quickly than with a second charge mortgage.

“We have worked closely with Together on many deals over the years and so we were able to get the case completed well within the client’s time frame to keep their business expansion plans on track.”

Joanna Elton, regional account manager at Together, added: “This is a great example of how our internal funding processes and close relationships with Clever Lending and our legal partners can deliver the finance our customers need to fulfil their property ambitions.

“Our common sense approach means that we can consider the borrower’s individual circumstances to provide the right loan for them, when they need it to take advantage of the opportunity to expand their already successful business.”

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