Our client, Mr Ozinegbe Anthony Akhidenor and Mrs Mayvis Akhidenor, came to us seeking assistance with a bridge loan. They had an existing loan solely in Mr Ozinegbe Akhidenor’s name, but due to his lower credit score and impending retirement, they needed a more advantageous solution.
Mortgage location: A property in Basildon.
Loan amount: Capital Raised £229,000.
The client’s requirements
Mr & Mrs Akhidenor required a financial restructuring that would enable them to secure a rebridge loan, ultimately leading to a more favourable exit strategy. Their primary goal was to have the loan restructured in Mrs Akhidenor’s name, thereby opening up better lending options and terms for their exit strategy.
Loan details
Loan Purpose: Rebridge.
Loan Amount: £229,000.
Loan Term: 12 months.
LTV Ratio: 65%.
Challenges faced
Initial Loan Structure: The original bridge loan was solely in Mr Akhidenor’s name, which limited their options due to his lower credit score.
Impending Retirement: Mr Akhidenor’s upcoming retirement further complicated the situation, reducing his eligibility for certain lending products.
Need for Better Exit Strategy: The primary challenge was to restructure the loan in a way that provided a more favourable exit strategy, leveraging Mrs Akhidenor’s better credit score.
Rebridge Loan Application: We applied for a rebridge loan that included both. This interim step was crucial in transitioning the loan structure.
Loan Restructuring: After securing the rebridge loan, we proceeded with removing Mr Akhidenor’s name from the application. This strategic move was designed to use Mrs Akhidenor’s stronger credit profile to access better lending options.
Exit Strategy Planning: With the loan now in Mrs Akhidenor’s name, we lined up an exit strategy that offered significantly better terms and a wider range of lenders for their next steps.
Successful outcome
By implementing this structured approach, we achieved the following outcomes for Mr Ozinegbe Anthony Akhidenor and Mrs Mayvis Akhidenor:
Optimised Loan Terms: The restructured loan in Mrs Mayvis Akhidenor’s name provided them with more favourable terms.
Broader Lending Options: Removing Mr Ozinegbe Anthony Akhidenor’s name from the loan application opened up a wider array of lending options for their exit strategy.
Secured Future: The couple now has a robust financial plan in place, taking into account Mr Akhidenor’s impending retirement and utilising Mrs Mayvis Akhidenor’s stronger credit score.
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Expert Mortgage Brokers successfully navigated a complex financial restructuring for Mr Ozinegbe Anthony Akhidenor and Mrs Mayvis Akhidenor, ensuring they secured a re-bridge loan with better terms and a more advantageous exit strategy. Our 20 years of expertise in mortgage and bridging brokerage allowed us to tailor a solution that met their unique needs and provided them with long-term financial security.
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This case study showcases our ability to handle complex financial scenarios and highlights our commitment to delivering personalised, effective solutions to our clients.
