Refinancing of a loan from another provider

We were approached by a broker whose client had a loan from another lender, which they had obtained without the broker's recommendation. However, they were finding that the repayment amounts were too expensive, meaning they couldn't enjoy the full benefit of the loan.

The initial borrowing had been for £50,000 over three years and they wanted to move it to Rivers for an equivalent amount. We extended the borrowing to £55,000 to allow for penalties with the original lender and matched the three-year term.

Both the broker and the business are delighted with the outcome, feeling more comfortable with the terms of the borrowing, and both reported that they were delighted with Rivers' commercial but considerate underwriting approach.