Impact Specialist Finance and Harpenden Building Society have completed a £1m interest only residential deal on a new build flat.

The transaction, which was for a client in their 50s, was for an upscale 19th floor new build property, situated on the South Bank of the River Thames in London.

The property had a valuation of almost £2 million, with some units in the development having restrictions to over-55 borrowers, and was situated above a commercial property.

Impact managing director, Dale Jannels, commented: “The complexity attached to the deal really demonstrates the value of a packager, as this particular case had so many non-standard aspects and would have taken up a lot of time for any broker to manage themselves.

“Harpenden BS proved to be the perfect lender and hats off to them for their common-sense approach to underwriting and the level of support throughout the process to get this multi-faceted case over the line.”

Impact and Harpenden BS both suggested the case highlights the value attached to many building society lending propositions, in terms of their flexibility and approach to more criteria-based lending.

Harpenden BS business development manager, Graeme Aitken, added: “When I initially discussed this enquiry with Impact, I was confident that the overall quality of the lending proposition was one that we would be able to assist with, even though there were a number of non-standard aspects to this.

“The support of Impact and their understanding of our lending criteria has helped achieve a solution for both the client and broker for a tricky lending proposition.”

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