Search
SPV Ltd Co purchases ex-council flat in Scotland

SPV Ltd Co purchases ex-council flat in Scotland

20.06.17 | Written by: Andy McOwat

A father and son approached us looking to expand their property portfolio with the purchase of an ex-council flat in Glasgow.

The pair were looking to borrow via their SPV limited company, which had already been used to purchase six other investment properties.

Unfortunately, there are only a handful of lenders that will consider Scottish property, of which only a select few will lend to limited company applicants. Added to this the property was only valued at £72k, most lenders hold a minimum purchase price of £75k.

We took the case to an intermediary only lender; one we use regularly to place buy to let deals in Scotland. Happy with the location of the property and clients’ experience the following terms were offered:

Property value: £72,000

Loan amount: £54,675

LTV: 75%

Rate: 4.14% term tracker

Term: 10 years interest only

Mortgage payment:  £188 pcm

Lender arrangement fee:1.5%

Rental income: £575 pcm

RTI: 125% @ 5.79%

Gross yield: 12% pa

Consultant: Andy McOwat, 01625 416396

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

Get in contact with us: 0345 345 6788 or ...

Submit an enquiry
Arrange a call back