Key points:
- A professional landlord with six buy to let properties in North London
- The client had purchased a run-down maisonette via a bridging loan at the end of 2015 and was now looking to refinance onto a buy to let mortgage
- The client was hoping to secure 75% LTV
Full details:
We were approached by a broker looking to source buy to let finance for his client – a full-time landlord with six rental properties.
In 2015 the client had purchased a two-bed maisonette in North London, via a bridging loan. The property had been purchased with a bridging loan as it needed refurbishing before it could be let.
Since then, the client has refurbished the property to a high standard and has started letting it to a family.
Keen to refinance onto a buy to let mortgage and raise capital to repay the bridging loan, the client had approached a broker for help in sourcing suitable funds.
We were able to source finance for the client via an intermediary only lender, only accessible via a select panel of brokers including Mortgages for Business.
Here are the details of the deal:
Property value: £315,000
Loan amount: £236,250
LTV: 75%
Rate: 3.49% 2 year fixed
Term: 25 years interest only
Borrower: SPV Limited Company
Lender arrangement fee: 1.5% (£3,544)
Mortgage payment: £687 pcm
Rental income: £1,300 pcm
Gross yield: 5% pa
Consultant: Peter Barnes, 01732 471641
