"In this case, we were able to help the borrower with their affordability requirements by utilising ‘top-slicing’ and therefore provide the funds required for their home improvements"
- Maeve Ward - Mercantile Trust
The case was introduced to Mercantile Trust by Norton Finance, who were looking for a solution for their customer, a landlord that was looking to capital raise to fund improvements to an investment property within their portfolio.
The solution was a second charge buy-to-let loan, top slicing with the use of surplus income from the portfolio.
Mercantile Trust Limited offered a £65,290 two-year fixed rate on a 300-month, interest-only term, with a loan to value (LTV) of 72.60%. The application benefited from free legals.
Despite the case not being eligible for an AVM, Mercantile Trust was still able to complete the case in 11 working days.
Maeve Ward, (pictured) director of commercial operations at Mercantile Trust, comments: “Mercantile Trust is a lender which is always willing to listen to the applicant’s story. Brokers such as Norton who we have worked with repeatedly over the years also come to us knowing that we apply a common-sense approach to lending.
“In this case, we were able to help the borrower with their affordability requirements by utilising ‘top-slicing’ and therefore provide the funds required for their home improvements.
“As ever, Norton was very efficient and professional to deal with, which meant we could complete the case in just 11 days from start to finish.”
Jimmy Allen, Broker Account Manager at Norton Finance, commented: “This case example shows even in current market conditions the flexibility and speed of a second charge buy-to-let loan. Norton’s experienced underwriting department working alongside Mercantile Trust’s unique product offering ensured we packaged the case in minimal time, benefitting all parties involved.
“The ability to source profit from a client’s portfolio to cover any potential rental shortfall is a real USP and one which really interests our broker partners. This allowed the client in question to complete urgent work to the security property.
“We look forward to continuing and growing our partnership with Mercantile Trust and thank them for their support on the case.”
