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Landlord with 100+ properties raises capital on coastal town house

Landlord with 100+ properties raises capital on coastal town house

The client: An existing client of Mortgages for Business looking to raise capital to expand his portfolio. The client’s portfolio consists of 100+ properties in the south of the UK.

The property:
The client was looking to refinance a three-bed terraced house, a stone’s throw away from the sea front in Kent.

The finance:
Hoping to release £30k from the property for further investment, the client was looking to borrow at 75% loan to value via his SPV Ltd Co.

The application:
Working closely with this client on a regular basis, we already had an up-to-date property portfolio spreadsheet along with supporting documentation. This really enabled us to speed up the process!

We submitted the case and within two weeks a formal mortgage offer was received. The funds were released without a hitch.

Here are the details of the deal:

Property Details

Property value: £290,000

Loan amount:
£217,500

LTV:
75%

Rate:
3.99% 5 Year Fixed

Term:
15 Years Interest only

Lender arrangement fee:
2% added to the loan (£4,350)

Previous mortgage payment:
£574 pcm

Mortgage payment:
£714 pcm (after equity release of £30k)

Rental income:
£1,000 pcm

Gross yield:
4.13% pa

Consultant: Jeni Browne, 01732 471647

 

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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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