How to spot a big opportunity

How to spot a big opportunity

So far this year we are seeing more large second charge loan enquiries.
Loans from £100k to £200K are more common and we want to help you spot and convert them.

Here are some recent “large loan” scenarios where you or your clients could consider a second charge:

£200,000 Business investment

Client wanted to buy a share of his current company. This would increase his income through dividends and he wanted a lender to use the extra income within the affordability calculation.

£150,000 – Refurbishment – No kitchen or bathroom

This client was considering a bridging loan to bring the property up to mortgageable standards and intended to move in and then refinance with a second charge.
We persuaded a term lender to take on the case which removed the need for a bridging loan and saved unnecessary fees. The clients also got a far lower interest rate and didn’t have the pressure of exiting the bridge.

£97,000 – Full consolidation.

This client had a combination of credit cards and expensive loans which had built up over years.
They could afford to make minimum payments but not much more so the balance was hardly reducing.
A full consolidation loan reduced the outgoings by £1600 per month and started eating in to the balance.
With the ability to overpay the clients were in a position to make further capital reductions when it suited them.

£110,000 – to pay a tax bill

It’s that time of year where you may come across enquiries like this.

These large second charge loans can generate a good income stream now, create a remortgage opportunity in a year or so and remove the risk of your client applying to another broker.

Call us to discuss any potential enquiries on 01902 585052 or if you prefer, you can get indicative online quotes in around 1 minute via your loan portal. (Note: The sourcing system can accurately quote for arrears, CCJ’s etc).

www.promisemoney.co.uk

01902 585052