Development Finance in Somerset, Worle. THE BRIEF: OBJECTIVES/PROBLEMS/CHALLENGES: An existing client and owner of a major building firm in Weston-Super-Mare asked Fox Davidson Commercial Finance to help them finance a site in Somerset. Although our clients had previously built many residential and commercial properties they not yet needed to use development finance. The plot had planning to change it from a single unit into 5 houses. It was currently derelict and in need of urgent development as it had become an eyesore. THE WORK: When speaking with a client about a development we will look at all aspects of the deal. The client and their experience, the development, the timescales and ask about the professional contractors involved. We will gather all the necessary information and then take the lending to the right development finance company for that development. Too many brokers band about deals to development lenders up and down the country which is frankly a waste of everyone’s time. A good broker worth their salt will know which development lender is right for each deal and take the loan to them only. We had terms agreed with a reputable development finance company within 48 hours. THE RESULT: The financials agreed were [...]
Pied-A-Terre Mortgage for Barrister Moving From Bristol to Yorkshire. THE BRIEF: OBJECTIVES/PROBLEMS/CHALLENGES: A Barrister working out of a Bristol chambers approached Fox Davidson due to our expertise working with professionals. We were asked to finance a second main residence in Bristol before the existing home was sold and the client relocated to Yorkshire. We would need a lender willing to lend on a second main residence in the same City which is usually an issue for lenders as an application for a pied-a-terre mortgage usually has to be in a separate City. The lending requirement was for an interest only pied-a-terre mortgage using the sale of the subject property and/or the existing main residence which was on the market in anticipation of the move to Yorkshire. THE WORK: The key to financing a pied-a-terre mortgage (second home mortgage) is plausibility and affordability. We need to demonstrate to the lender why a second home is required and show that the client has the affordability to pay both mortgages and both sets of council tax and utility bills. Lenders will assess affordability using the existing mortgage and bills as a monthly outgoing. We are a whole of market broker and having [...]
Offshore Trust Finance on Belgravia Property. THE BRIEF: OBJECTIVES/PROBLEMS/CHALLENGES: A professional introducer in London approached us to finance a £10 Million loan on a property in Belgravia worth upwards of £100 Million. The complexity was that the property was owned in the name of an offshore trust in Jersey and that the funds were to be placed into an investment for the beneficiary of the trust. The beneficiary occupied the property. To complicate matters the beneficiary of the offshore trust was an older applicant and would fall foul of most lenders maximum age restrictions. The introducer had already tried several banks he knew of and they had declined to lend. THE WORK: From the initial enquiry it was obvious that this was a private banking solution rather than anything the high street could offer. The funds were not being used right away and would instead be invested and so it made sense for the same private bank to lend and to invest the funds for the client. The introducer had approached the clients own private bank and one other he had a relationship with and they had both declined to lend. We knew that we would need a [...]
Fox Davidson Win Best Mortgage Broker in London Award Ceremony. Fox Davidson are delighted to have won an award recognising them as the best small broker in the UK. The award for 'Best Small Broker' was awarded to the team earlier this year at the prestigious Mortgage Strategy awards in London. The judges thoughts: The winner provided an excellent submission and a strong presentation to the awards’ judges. It offered evidence of its customer-focused approach to business, with a clear vision for the future. The company proved it could adapt to various changes in the market so that, as a small business, it could do things better. The award follows on from our 2017 Money Age award for best UK Mortgage Broker. Sarah Fox-Clinch was presented the award on the night by Alex James from Blur and was really made up to have won the award. Watch the video below of the award presentation and her interview. To discuss your property finance requirements with our award winning team of mortgage brokers do get in touch, we would love to work with you. We arrange residential, buy to let, commercial, [...]
Bridging Finance Bristol. THE BRIEF: OBJECTIVES/PROBLEMS/CHALLENGES: Fox Davidson were contacted by an accountant in Bristol that regularly refers business to Fox Davidson. The introducer needed some quick, short term finance for some family of theirs. We were introduced to his mother and aunt whom had very respectable ages of 92 and 93! Both had houses in the same street in a town about 10 miles south of Bristol. They needed more care and our client had found them the perfect property near his house in North Bristol where they could receive better care and attention from the family. They needed to move very quickly in order to secure the purchase as the vendor was not well and he also wanted a quick sale. THE WORK: Fox Davidson approached a regulated bridging lender to discuss the situation and how we might help to get the ladies moved into the new property as quickly as possible. Once the existing properties were sold the bridging finance would be cleared. One house already had an offer accepted on it, so the bridging finance would not need to be in place for long. Just long enough to allow completion on the purchase and for [...]
100% Loan to value Commercial Mortgage of £1.6 Million. Wandsworth, London. THE BRIEF: OBJECTIVES/PROBLEMS/CHALLENGES: Fox Davidson Commercial Finance were asked to finance a leasehold property with B1 office use in SW18. The property was currently a shell and would allow our client to expand his business to the new premises. Our clients business involved a non-UK-resident director that would not sign any personal guarantees. The lending would be made to an SPV Ltd company and the clients business would occupy the premises. The client required 100% funding and a VAT loan and a period of interest only for the fit-out period. THE WORK: We first took the enquiry in 2016 and discussed terms with the client and agreed to work together. It was not until 2017 that a suitable property was found. One of the unusual things about this case was that the client’s business required the premises, but the client wanted to own the property personally through his own separate SPV limited company. The SPV owned several commercial rental properties already and would purchase the new premises and rent it to the trading business. Most commercial mortgage lenders would treat this as an owner occupier loan as [...]
“ 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. “