£2.25m Bristol Development Finance. Senior Debt & Mezzanine Finance. THE BRIEF: OBJECTIVES/PROBLEMS/CHALLENGES: Our client required development finance on a site in Bristol with minimal initial cash input to enable them to convert an existing public building into 6 bespoke, high-end, residential apartments in Bristol. The funds needed to be in place within a few months to meet an exchange deadline. THE WORK: The call was taken late on a Friday evening and we worked over the weekend with the client and the senior debt lender to agree terms. The mezzanine funder was briefed the following Monday and we had terms in place for total funding within a week. Fox Davidson oversaw the application process including completion of the lenders application forms. We worked with the client to produce a full development package for the lender to give them the confidence to lend to our clients and to demonstrate that the development was financially sound and could be completed on time. Over several months we liaised with the client, the lenders, the various surveyors and the lawyers to bring about the drawdown of funds. THE RESULT: By approaching the right development finance lender, first time, within hours of taking the [...]
For the love of the job. A Valentine’s Appointment. Some days in this job you get a real feel for the difference you can make to peoples lives. February 14th was one of those days. I’m not sure how you spent your valentines evening and whether you buy into it, many do. I spent mine with a lovely family in Bristol. I first met the clients in 2016. They live in a 2-bed terrace property. As you enter their property through the front door you have a small kitchen on the right and then the only other room downstairs is their small front room. They told me that they had now outgrown the property and were desperate to move. With a new born baby girl and a 4-year-old daughter they needed more than the 2 bedrooms the property currently afforded them. We looked at their income and outgoings and I concluded that they could not afford to borrow much more than they already owed. In addition, some adverse credit from a bad period in one of their lives meant the decision in principle we did failed. The repayments were too high with the adverse lenders. I couldn’t make it happen [...]
'Quick remortgage to secure lower rate & funds for property improvements.' THE BRIEF: OBJECTIVES/PROBLEMS/CHALLENGES: We were approached by a couple that needed a remortgage. The clients were about to revert to their lender’s variable rate. They had been contacted by their lender who had offered them a competitive rate, however, they wanted to borrow some more money for home improvements and their current lender declined their request for more funds. With the builders scheduled to start the next month the clients were panicking that they’d have to cancel the whole renovation project. They needed the extra finance in place within a month. THE WORK: From an initial phone call in the morning, the clients were in our offices by 12pm that day to chat through their options and to produce the required paperwork. Fox Davidson had a full recommendation for mortgage terms with the client that same afternoon. The client agreed to proceed that evening allowing us to submit the full application the next morning. We secured a competitive fixed rate for the client with no lenders set up costs. THE RESULT: Fox Davidson worked to ensure all paperwork was picked up quickly by the lender and the valuation was [...]
Helping a professional footballer to purchase a home for their family. THE BRIEF: OBJECTIVES/PROBLEMS/CHALLENGES: Our customer came to us as we have experience of helping professional sports people. He was looking to purchase a property for his family, but had been struggling with the high street banks as they will only use his income until the age of 35 when his career may end. THE WORK: Being an independent broker, there were a number of lenders that we were able to approach who were able to help. Our customer had already started to acquire his training badges and intended to become a coach once his playing career had finished. Due to this, a big high street lender was willing to offer him a 35 year term mortgage. THE RESULT: Our customer and his family were able to buy their dream home near the training ground, which allowed him to spend more time with his family, rather than commuting. IN OUR OWN WORDS: What could be a very frustrating scenario for someone earning six figures, being told they cannot afford a mortgage of only four times their income, was solved quickly and managed professionally due to our experience and relationships with [...]
Refurbishment finance helps to turn weathered property into modern new pad for professionals. THE BRIEF - OBJECTIVES/PROBLEMS/CHALLENGES: Our client purchases property, renovates it and then either sells or holds the property long term. The brief was to fund a 3-bed terrace house in Windmill Hill that was tired and needed updating. The plan was to also add a bedroom to the property and once works were complete to refinance on to a multi-let BTL mortgage. The challenge with this property was that the property faced a pub. One of the lenders didn’t share our clients vision and no amount of convincing that the clients work was of a high quality would tempt them to lend, they also had worries that the property would not ‘value up’ at the end of the works. THE WORK: Due to the knock back of the initial lender we approached a lender that the client had worked with several times previously. We secured refurbishment finance at 0.85% per month with a 1.5% fee. As the works would only take 3 months we required a lender that would lend within 6 months of purchase and that would lend 75% of the increased value. We secured funding [...]
Buying a property can be a daunting process, with so many things to consider. Before you begin the process, here are 5 things you need to know to make the process as smooth as possible. 1. Know your budget Before you begin your property search, it’s important to know how much you can afford. Mortgage lenders use an affordability calculator to determine how much you can borrow. Fox Davidson are a whole of market mortgage broker and we will find a lender that will hopefully lend you the amount you need. You may find that your eligible to borrow more than you thought! Consider your budget carefully and be sure to include costs such as buildings insurance and mortgage protection. 2. Know your neighbourhood needs You know what you want to be in your future home, and how much you can afford to pay, but do you know where that home needs to be? Do you need somewhere close to the city, with good transport links, or near highly rated schools? Having a list of must-haves for your new neighbourhood is vital, but it shouldn’t restrict your property search. Doing your research is extremely important but don’t be afraid [...]
“ I would not hesitate to recommend Fox Davidson to family and friends. I am a first time buyer and therefore the house buying process was a little daunting to start with but I was kept fully up to date throughout the whole process to the point where I would receive an update email at least twice a week.
I was also extremely pleased to find that as well as assisting with the mortgage I was also being provided assistance with home and life insurance. The service I have been provided is definitely good value for money and I am very grateful to everyone at Fox Davidson who has helped me.“
Miss R Power , Bristol
“ Having been let down by another mortgage broker (who seemed to only want to assist with a mortgage if we took other products too) I stumbled across Fox Davidson. As I am based half in London and half in Bristol, they seemed the perfect fit. Having connected with them and receiving prompt, relevant and helpful advice at the outset of our property search, I had no hesitation in coming back for the mortgage itself.
The mortgage application process was rendered painless and they bent over backwards to help with the sale. They also were extremely helpful and supportive when our first purchase collapsed, also managing to make mortgage application #2 equally as smooth. Thank you so much! “
K Gibson, London
“ After using Fox Davidson for my first buy to let purchase I didn’t hesitate to get in touch again when the time came to buy a second property. Being an expat living and working in Thailand I had found through my own research that the options available to me would be limited, however I needn’t have worried. Fox Davidson found me a mortgage that suited my circumstances perfectly. They have helped to make what could have been a complicated process very simple and stress free.
Great people, Great knowledge, Great service.
Thank you Fox Davidson. “