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Landlord with 80+ properties purchases high rise flat

Landlord with 80+ properties purchases high rise flat

An experienced landlord with a property portfolio of circa 80 buy to let properties contacted us looking to purchase a property in Bristol. The majority of the client’s properties are located in and around Manchester.

The property the client was looking to purchase is a two-bed flat within a 19-storey block. 

There were two main challenges with placing this case.

  1. The client had reached the maximum exposure limit set by many lenders
  2. The flat is in a 19-storey block so is classed as a high rise – most lenders won’t lend on high rise flats as they are harder to sell on
  3. The client wanted to complete before the PRA changes for portfolio landlords come into place in October 2017

We took the case to one of the specialist lenders, which we knew would consider the deal. Happy with the client’s application the following terms were offered.

The case is due to complete at the end of August.

 

 

Property Details

Property value: £290,000

Loan amount: £217,500

LTV: 75%

Rate: 3.19% term tracker

Term: 25 years interest only

Lender arrangement fee: Nil

RTI: 125% @ 5.5%

Borrower: SPV Limited Company

Mortgage payment: £578 pcm

Rental income: £1,250 pcm

Gross yield: 5.1% pa

Consultant: Gavin Elley, 01625 416398

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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Mortgages for Business Ltd is authorised and regulated by the Finance Conduct Authority (No. 313537) to transact regulated mortgages. We are a credit broker, not a lender. We work with the whole of market in sourcing a lender for you; we may receive a commission from the lender, and this amount varies between lenders. The FCA does not regulate some investment mortgage contracts. Mortgages for Business Ltd is a founding member of the National Association of Commercial Finance Brokers, the body that promotes best practice within the commercial finance industry. Telephone calls may be monitored or recorded for training purposes.

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