Example A
Residential
£731,500
70% Finance to Value
9 months term
Home Purchase
Completed in May 2020
North West - Liverpool
Our process is designed to be as simple as possible and we aim to respond quickly to all applications. A typical process is shown below. Please note, timings may vary depending on individual circumstances.
Direct or intermediary enquiry, initial underwriter assessment, indicative pricing provided.
Application form filled in. Supporting information provided including all KYC.
Indicative heads of terms. Finance terms issued subject to valuation and legals.
Customer signs off on HOTS. Funds legals and valuation.
Credit check on borrower. Detailed underwriter assessment. Pre-approval from credit line. Finance and credit approval.
Offa appoints independent valuer for a reliance basis "as-is" valuation. Full site inspection.
Reliance over report on title, finance agreement, security (First Charge, PGs).
Final review, documents signed. Take security and advance funding.
Re-engage with customer. Ascertain progress on redemption. Provide assistance on refinance typically through broking finance.
Offa has extensive experience of providing finance for a range of customers in different parts of Britain. Here are a few examples of cases where we have provided property finance.
Residential
£731,500
70% Finance to Value
9 months term
Home Purchase
Completed in May 2020
North West - Liverpool
Residential
£322,000
70% Finance to Value
9 months term
Refinance of an HMO
Completed in June 2020
West Midlands - Birmingham
Commercial
£650,000
65% Finance to Value
9 months term
Acquisition for conversion to student accommodation
Completed in March 2020
East Midlands - Leicester
Residential
£525,000
75% Finance to Value
6 months term
Release equity for other projects and arrange a BTL loan
Completed in March 2020
South East - Surrey
Residential
£307,500
75% Finance to Value
6 months term
Purchase of an investment property
Completed in June 2020
South East - Essex