Refinancing or Remortgaging

Refinancing or Remortgaging?

WITHOUT DOUBT, THE MAIN REASON FOR REFINANCING OR REMORTGAGING ARE…

• Your loan been bought out by a vulture fund.
• Do you want to refinance or re-mortgage your business assets or property with a new lender?
• Are you in a position to do a deal with your existing lending institution to write down part of your debt?
• Is your loan going to come to an end shortly or is your lender leaving Ireland?
• Are you caught in a loan trap whereby you have performing assets but the rent from same is going towards repayments for non-performing assets?
• Are you taking advantage of lower interest rates, or consolidating your debt? Or are you reducing your loan repayments?

OF COURSE, WE CAN HELP

MAKING REFINANCING AND REMORTGAGING EASY

At Adams Law LLP we have the answers to your questions. In the current financial climate, a refinance or remortgaging of your assets may have the potential to take you from zero to hero. Very often we are asked by our clients to assist them, when they’re refinancing property or other assets. Good quality legal advice is imperative in achieving the results you want. We can work with your financial adviser to seek a settlement of your existing loan. In addition, we can put the legal structures in place to satisfy your new lender.

Our aim is to provide stress-free refinancing and remortgaging by helping you every step of the way. Of course, always keeping you informed and letting you make the key decisions.

LOOKING AT THINGS MORE CLOSELY

Without doubt, when it comes to refinancing or remortgaging your existing property portfolio and assets, it is vital that the legal aspect of the transaction is carefully managed from the very outset to its conclusion. The experience of the solicitors at Adams Law LLP ensures that our team can assist you with all aspects of your remortgaging or refinance. Be it representing you in negotiations through to carefully reviewing and advising you on all legal security documentation relevant to the transaction.

Of course, at Adams Law LLP our aim is to provide our clients with the most efficient service possible. We have the experience of working with banks and other professionals in ensuring that our client’s refinancing and re-mortgages run smoothly and close as soon as possible.

Here are some of the ways we can assist you:

• We can give you the best legal advice available prior to the refinance or re-mortgage taking place, so that it runs smoothly and happens quickly and efficiently.
• Provide you with independent legal advice in relation to your lending facility and security.
• We immediately look after redeeming your existing mortgage from the refinance or remortgage proceeds.
• Adams Law LLP also deal with your new lender and satisfying all their legal requirements.
• It is about providing practical advice by really well trained, intelligent lawyers who are conscious of the need to act fast and achieve results for clients.

WHAT ARE THE MAIN REASONS FOR REFINANCING OR REMORTGAGING YOUR PROPERTY?

Businesses come to us in order to assist them in refinancing or re-mortgaging their property and other assets. You might need help in reviewing the terms of a facility letter or your existing facility. Your lender might want to sell your loan or they might want you to refinance or remortgage your property. Very often our clients are also seeking to take advantage of lower interest rates, consolidating debt or reducing loan repayments. Here are the main reasons:-

• Your loan is about to expire or has expired.
• An existing facility provides for a managed sale of properties over the remainder of the term of the facility.
• It may be the case that you are being overcharged.
• A lender is leaving Ireland and you have been given an ultimatum to refinance.
• Piranha lenders have bought your loan and you need to refinance otherwise that lender will threaten to put them into liquidation, receivership or bankruptcy.
• Your lender is willing to do a deal if you refinance. This might be a write off or a sale of the loan in exchange for payment and/or various other conditions.

IN FACT, PREPARATION IS KEY TO REFINANCE OR REMORTGAGE YOUR PROPERTY OR ASSETS.

Key to successful refinancing and remortgaging is getting the figures right. You need to figure out what the overall cost is going to be, taking into consideration all of the expenses. Costs will also be incurred when discharging your existing loan. A release fee, legal costs, early repayment fees, interest break costs and more. Of course, these costs can be very high if you have a fixed interest loan.

Also remember that your new lending institution will also have fees. This may incluse an arrangement fee, valuation fee, legal costs, title searches, registration fees and more. They may also insist on you reviewing your insurance, carrying out a survey and/or valuation, getting tax advice and other requirements.

If you have made a decision to refinance or re-mortgage your property or assets, you need to speak to Adams Law LLP. We can ensure a hassle free transfer of your loan from your existing lender to your new lender.

RECENT HIGHLIGHTS OF WORK

• Firstly, we acted for one of Irelands largest lending institutions refinancing developer and investor loans.
• Secondly, we acted for property investor in relation to the refinance of buy to let properties valued at €25M.
• Thirdly, we acted for a healthcare group in the refinance of existing facilities and allowing for the further acquisition of five nursing homes.
• Fourthly, we acted for two individuals transferring a prime commercial property in the centre of Dublin to an SPV and obtaining finance in the region of €8M.
• Fifthly, we act for many businesses refinancing properties out of vulture funds.