Lily Stroud-Li-Rocchi

Lily’s top tip

Being prepared! When you start thinking about your next property or project, being prepared early doors will mean your advisor has as much information as possible to refer to the lender.

For example, having a folder you can quickly access with some standard documents, such as last 3 months payslips and bank statements, or your last two years of tax returns for your business, means your advisor can get you a more accurate response from the lender, in a quicker timeframe.

If you’re looking to do a development, having your Costs of Works, Schedule of Works and Planning ready will mean we could get you Heads of Terms from our lenders same day!

If you’re unsure what you might need to prepare for a case, your advisor will always be happy to give you a list of documents to start gathering ready for your application.

Those that are prepared with these will typically see much quicker response times from lenders and underwriters, resulting in a quicker completion date.

Lily’s most memorable client case

One case in particular that stands out to Lily is a client who came to her with a portfolio of properties, some of which were in negative equity. The client felt stuck with the properties and current mortgages and couldn’t see a way to fix his portfolio.  This was causing the client great personal stress and upset. Coupled with some background adverse he had been turned away from previous brokers.

Through looking at the whole portfolio rather than the individual properties, Lily was able to re-gear the loan to value across the portfolio, meaning none of the properties were left in negative equity and the loan to value was brought down to a healthy 75%.

She found a lender that can consider the adverse on the applicants file also, without having to go to a specialist lender with a higher rate meaning the client could still make significant returns on the rents.