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Travel Agent - re-mortgage

Updated: 14th February 2007 (PM)

For: Travel Agent
Amount:£100,000

This client was short of cash and the accounts were poor. The Director had a judgement against him, as did the Limited Company together with a £40,000 default. The company wanted to re-mortgage their premises to pay off the overdraft and existing mortgage due to pressure from the Bank.

Sterling arranged a mortgage of 75% LTV, advancing £100,000 over 30 years at bank base plus a margin of 5.5%

Client is paying less overall than with their High Street bank as penalties etc had increased the cost