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Full-time landlord refinances 2-bed maisonette to repay bridging loan

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: Gareth Richards, 01732 471627

Consultant

NB: ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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