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SPV Ltd Co remortgages multi-unit for further buy to let investment

We were approached by the directors of an SPV limited company to help them refinance one of their investment properties – a block of four two-bed flats in Bristol.

The clients are both currently employed as engineers.

The SPV currently holds three properties all located in Bristol and the directors are looking to purchase further investment property with the capital raised.

The number of lenders willing to look at the case was restricted because the property is a multi-unit block of flats owned on single freehold which not all lenders accept.

Luckily we have access to an intermediary only lender which accepts multi-unit properties and SPV limited companies.

Keen not be locked in for a fixed period the clients requested a tracker rate. The lender offered the following terms:

Property value: £800,000

Loan amount: £500,000

LTV: 62%

Rate: 4.75% (Lender’s LIBOR + 3.99%)

Term: 25 years interest only

Mortgage payment: £1,942 pcm

Lender arrangement fee: 1.5% (£7,500)

Rental income: £2,850 pcm

Gross yield: 4% pa

Consultant: Jeni Browne, 01732 471647

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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