Refurbished Flats over a Café & Tattoo Parlour! (November 2009)

An experienced landlord had recently purchased and renovated two leasehold flats above a parade of shops, along a busy main road into South London.

He had already encountered difficulty in raising finance because one of the adjacent commercial premises below was a cafe and the other a tattoo parlour. Also, he had owned the flats for less than 6 months.

Despite these issues, which would prevent most Buy to Let lenders being interested, we were able to source the requested remortgage funding of £140,000 against the £450,000 property valuation, at an interest rate margin of 3.75% above Bank Base Rate, on a capital and interest repayment basis over 20 years.

The applicant was delighted to receive his Mortgage Offer letter from the lender, just 11 days after we had received his completed application form.