StreamBank has assisted fast-food franchise owners in being able to secure funds to purchase a property from their parents with gifted equity.
The customers already live in the property with their parents, who wished to gift them equity as part of the sale process.
Due to having multiple fast-food franchises the client had, it was difficult to evidence their income, and in addition to this, the parents had taken out a bridging loan on the property after their term mortgage expired.
To reach a solution that worked for everyone, StreamBank took the time to understand the whole picture and considered how their business activity would enable them to allow them to refinance on a term mortgage in the future.
StreamBank was able to accept to accept the rationale for the purchase despite a bridge already being in existence after detailed discussions with the broker William Avrili at Mortgage Force. The proposed exit was deemed to be acceptable following a review of the case, considering the strength of the case, a clean credit rating, a clear explanation of the clients’ situation and a low LTV.
David Wheatley, Business Development Manager for StreamBank, said, “This case was relatively complex and needed us to work closely with William Avrili to understand the whole picture. By being transparent with each other we managed to better understand the case and make an informed decision that was a great result for all parties.”
Walter Avrili, Technical Director at Mortgage Force, added, "Working with StreamBank on a first charge bridging case was a really good experience. Their team delivered exceptional service with speed, clarity, and professionalism, ensuring every detail was handled seamlessly. We couldn't have asked for a more efficient partner in making this process smooth and stress-free."