Refinance - Large existing buy to let property

Area
Holland Park, London
Capital Raised
£1M

The Scenario:

This was a project involving the re-mortgage of a large buy to let property in Holland Park, London valued at £6.5m.

The client wished to capital raise in order to purchase an additional buy to let, but the Holland Park property was his sole investment property that had only been rented out since February 2014.

The relative inexperience of the client was an initial concern for the selected lender but there was an Assured Shorthold Tenancy in place for a 3 year term at £15,000pm (£180k per annum), which gave confidence to the lender comfort to proceed to the next stage.

Our Solution:

Although sitting slightly outside the specilaist lender's criteria, the enquiry was quickly passed to their designated Specialist Lending Manager.

There was urgency surrounding this case due to a contract being in place for completion by the 30th April, and the team reacted accordingly to hit this tight deadline.

The product provided based on the client's requirements was a five year interest only deal at 4.20% over LIBOR on a loan amount of over £1million

The case was submitted on the 3rd of April. The loan amount was changed to a lower figure at the last minute but this was swiftly dealt with and the offer was issued 24 hours earlier than anticipated on the 23rd April. The case completed just 5 working days later, hitting the required deadline much to the delight of the client.

This case is a good example of the broker and specialist lender working together under a strict timescale to deliver a clients finance requirement.

Are you in a similar position? To investigate your finance options call our team on 0117 959 5094 or fill in our call back form.

 

Alex Chambers

Senior Finance Broker

Bristol

0117 403 4324

Have a similar situation? I'm a specialist in residential and investment property finance for UK and international clients. I look forward to hearing from you.

Luther Yeates

Finance Broker

Bristol

0117 244 5561

Have a similar situation? I am a specialist in residential and investment property finance for UK and international clients. I look forward to hearing from you.

James Palmer

Senior Associate

London

0203 900 4322

Have a similar situation? I specialize in development and commercial finance and can provide creative solutions for your property funding requirements.

Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

Have a similar situation? I specialize in bridging finance and can provide creative solutions for your property funding requirements.

Robert Gibb

Senior Finance Broker

Bristol

0117 959 5094

Require mortgage or short term finance for residential or buy to let property (including HMOs and limited companies)? I have extensive experience on providing property finance solutions for UK and International clients.

Adam Arnott

Senior Associate

Bristol

0117 205 0214

Are you in a similar situation? I have extensive experience in advising clients on providing creative property finance solutions. I look forward to hearing from you.

Contact Us