Fast remortgage of HMO for portfolio landlord raising capital
The client: An experienced portfolio landlord who owns 10+ rental properties personally.
The property: A licensed HMO in London let to four sharing professionals.
The finance required: The client was looking to remortgage to raise capital from the HMO to help his son get into buy to let. He was in a rush to raise the funds, as his son was trying to buy a property where the vendor was looking for a quick sale.
The client requested a rate with no early repayment charges (ERCs) which limited the number of products available.
The application process: We approached a buy to let lender which we knew would be able to turn the application around swiftly and is currently offering rates without ERCs.
The lender instructed a valuation of the HMO and within two days of this being undertaken, a formal offer to lend was issued. We then worked quickly with the lender, the client and the solicitors to push the application through and the entire case completed just two weeks later. Here are the details: