Exit for BTL bridging loan with capital release to buy another investment property

Area
Slough
Capital Raised
£125K

We’re in on the ground with these two business partners, helping them to expand their growing property portfolio. And we’re not just providing the fast, short-term property purchase finance they came looking for, but also a speedy exit onto the long-term mortgage which will repay it.

The Scenario

These clients sold the business they jointly owned and used the proceeds to buy a first buy-to-let flat with cash.

We arranged a bridging loan secured against that apartment to help buy their second rental property – another office-conversion apartment. They’d needed a quick injection of additional cash for the second down payment on the purchase.

Four months later, they came back to us to arrange the buy-to-let mortgage as exit on that lending, and also to raise an additional £50K to enable them to buy a third rental property.

They’d looked around at various BTL options as their exit, but one of the business partners had some credit issues, which limited the number of willing lenders.

They were also wanting to be able to top up the rental income (£750 a month) with external income, which not all lenders are happy with.

The Solution

After looking at a range of options for them, we took their application to the BTL department of their original bridging lenders, who we knew would be willing to consider their circumstances.

They did require a new valuation because the client’s previous 50% LTV on their bridging loan had only required a drive-by-valuation.

But there were some advantages to using the lender who already held the documentation on this property and who we knew would offer a good rate and act quickly. And we secured them a competitive rate for the 20-year BTL variable mortgage they wanted, at 5.99%pa.

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.

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