We were approached by the directors of an SPV limited company looking to refinance a 5-bed HMO that had been purchased six months ago. One of the directors is a full-time landlord with 30+ properties held personally, one owns a chain of launderettes and the other works within the head office of a retail outlet.

The directors wanted to refinance the unencumbered HMO to invest in further buy to let property.

We were limited to the number of lenders we could approach for the following reasons:

1. The SPV has three directors, all of which are related
   
   
2. The SPV has a shareholder under the age of 21
   
   
3. The property is an HMO

We took the case to an intermediary only lender and explained the scenario to the underwriter. A five year fixed rate was offered and the client agreed the following terms: