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 value: £290,000
Loan amount: £217,500
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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14th August 2018