SSAS Loans
13/04/2024
William is a director of a property development company.
In order to proceed with his next property purchase, he required some financial assistance to cover the deposit and associated fees.
With the help of our technical team, he was able to secure a £79 000 loan to the sponsoring employer through his SSAS.
William used a property owned by his sister (valued at £95 000) to secure his loan. There was already a first charge on this property that secured another loan and so, this loan had to be repaid and the first charge removed before we could proceed with the new loan.
Our swift action was necessary as a delay of just one day could have potentially cost William £10,000.
Initial enquiry: 08/02/2024
Completion date: 29/02/2024
Loan term: 5 years
Interest rate: 6.25%,
Profit for the SSAS: £15,410.22
This was quite a challenging case, but William was delighted that it was completed on time and his company could successfully purchase the property.
