The above headline is an extract from a recent article in the Times outlining the well-publicised difficulties being experienced by Metro Bank. Our understanding is that Real Estate lending is on hold to both existing customers and new applicants.
Whilst the implications of this are not immediately obvious, we have experienced at first hand what happens when other banks have either withdrawn from the property lending market or have a significantly reduced appetite for lending into this market.
We believe that, unless the situation changes, Metro Bank Real Estate borrowers will not be able to access the funding they need from them in the future. Indeed, our experience of similar cases from other banks including Yorkshire Bank and The Nationwide, was a reduced lending appetite which resulted in difficulties for borrowers being able to renew existing loans with the same lender on expiry. In some cases borrowers were requested to refinance elsewhere.
We know that in such cases this can be stressful for the borrower and we can help alleviate any such concerns by providing a quick alternative option should such a situation arise.
The good news is that there are a number of specialist property funders available in the market currently although most of these will only deal with recognised and quality intermediaries who are able to professionally present the proposal to them.
We have access to a wide range of such funders and can provide you with a strong indication of the alternative funding options that might be available to you, should you need them.
We are prepared to undertake this as a free service with no initial cost or commitment. We will provide you with a detailed summary of the terms that would be currently available to enable you to refinance or make any further property acquisitions.
Please contact us and we will be happy to talk through your situation and provide you with an informed assessment of the funding available to you in the market – no strings or fees attached.