RAW Capital Partners has delivered a buy-to-let mortgage in four days to ensure a client had the necessary funds to complete on an investment property.
The Guernsey-based investment management firm, through the RAW Mortgage Fund, provides specialist mortgages to foreign nationals and UK expats looking to invest in UK buy-to-let property, as well as mortgages for Channel Islanders.
In this instance, a broker came to RAW Capital Partners seeking a BTL mortgage for a client who was in urgent need of finance after a loan with a different lender had fallen through. They were due to complete on a purchase, a BTL property in Manchester, in four days’ time.
RAW Capital Partners’ origination team promptly reviewed the circumstances and agreed to take on the case, with terms agreed and issued that same afternoon. Due to the imminent completion, the lender’s credit team agreed that a desktop valuation would be sufficient, and both the valuers and solicitors were instructed.
After a few hurdles, the due diligence was approved and the legal documentation was executed. The BTL mortgage was delivered to the client within four days of the broker’s enquiry being received, allowing them to complete on their purchase.
Ben Nichols, Managing Director of RAW Capital Partners, said: “Much is made of lenders’ speed in the specialist lending sector, and while it’s certainly not the be-all and end-all, there’s no denying that cases arise where speed is very much of the essence. This is a perfect example – it’s common that loans fall through at the eleventh hour, requiring another lender to step in and ensure a deal does not collapse, which would result in stress, lost fees and missed opportunities.
“An agile approach to reviewing enquiries is essential, and this has to span everything from origination and KYC through to underwriting and delivery. At RAW Capital Partners, our speed means we can provide BTL mortgages within days of a broker contacting us, while our agile approach also means that if we approve an application, we will then find a way to overcome any obstacles and follow through on our decision in principle.”
