
Refinance - Large existing buy to let property
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 specialist 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 mortgage 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.
Jack Spillane
Finance Broker
Bristol
0117 959 5094
Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need.
Mathew Phillips
Finance Broker
Bristol
0117 959 5094
Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.
Alex Chambers
Senior Finance Broker
Bristol
0117 403 4324
Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.
Luther Yeates
Senior Finance Broker
Bristol
0117 244 5561
Are you looking for a similar type of property finance? I have extensive experience finding residential and investment property finance for UK and international clients. Please get in touch and we can arrange a time that's convenient for you to discuss your situation.
Sam ONeill
Senior Finance Broker
Bristol
0117 959 5094
Is your situation similar? I am a bridging finance specialist at Clifton. I can find a quick, cost-effective solution for the funding you're looking for.
Robert Gibb
Senior Finance Broker
Bristol
0117 959 5094
Are you looking for mortgage or short-term finance for residential or buy-to-let property (including HMOs)? I have extensive experience in finding property finance solutions for UK and international clients, both as individuals and limited companies. Please give me a call and let me see what I can do for you.
Adam Arnott
Associate Director
Bristol
0117 205 0214
Is your situation similar to this? I have extensive experience of advising clients who need creative property finance solutions. Please get in touch and we can arrange a time that suits you for a detailed discussion of your requirements.