Refinance of buy to let property near to industrial premises

Our clients are two experienced landlords with property in Merseyside. One is a finance director and the other a successful furniture maker.

They had previously purchased a run-down house opposite large molasses storage tanks and a vehicle service area. Having developed the property they were looking for refinance to pay off the original bridging loan. The location was deterring most lenders, however, we were able to find a BTL lender that was will to take a view following the valuer’s comments.

Here are the details of the deal:

Property value: £60,000

Loan amount: £45,000

Loan to value: 75%

Term: 25 years interest only

Rate: 4.29% fixed for 2 years. £600 cash back and refund of valuation

Lender arrangement fee: £995

Completion date: April 2014

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