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Case study
StreamBank takes on Grade II listed building as third-party security
21 November 2024

StreamBank has assisted customers in being able to purchase a new home by taking on a Grade II listed building as third-party security.

 

The customers were looking to buy a new home in northwest Surrey but needed to borrow 100% of the purchasing price while they waited for their current residence to sell.

 

They wanted to use their parents’ property as added third-party security. However, as it is a Grade II listed building they were limited in their options, as some banks are not comfortable taking security over listed buildings.

 

Luckily, StreamBank was able and ready to step in and were able to accept the property as security and raise 100% of the purchase price of the new property as requested by the customers, through adding the parents to the loan application.

 

This solution driven approach by StreamBank has opened doors for these customers, where others were closed, and has enabled them to continue with their purchase.

 

Matthew Dilks, of Clever Lending, said, “StreamBank proved exceptional capability and commitment in managing a particularly complex regulated bridging case. The security included an uninhabitable residential property and two commercial properties on a single title. Adding to the intricacy, the commercial properties were subject to VAT, introducing added challenges to the transaction.

 

Ellie Gibbs, the underwriter, went beyond to ensure the deal was completed. Her proactive approach and innovative problem-solving set her apart, offering practical workarounds that speed up progress. It was refreshing to work with an underwriter who takes initiative rather than merely reacting to issues as they arise.

 

Additionally, Sophie Dally, the completion officer, played a pivotal role in navigating the legal process. Her proactive communication and diligent handling of the finer details ensured the transaction went ahead as smoothly as possible under the circumstances.

 

StreamBank’s ability to overcome these hurdles highlights their ability and client-focused approach, making them a standout choice for complex bridging finance cases.”

 

Jamie Smith, Business Development Manager for StreamBank, said, “This deal is testament to Streambank’s flexibility and common-sense approach to lending. Taking security over a listed building is often something that frightens other lenders, but by simply assessing the wider transaction and reviewing the listed building requirements, this was a deal that we felt confident we could go ahead with.”