Portfolio landlord refinances 2-bed flat within 30-storey block
The client: A portfolio landlord looking to raise funds to expand her property portfolio. We have successfully sourced finance for this client on numerous occasions.
The property: A 2-bed flat on the eighteenth floor of a 30-storey block in North London. The first five floors of the block are used as offices, the remaining floors are split into luxurious, modern apartments.
The finance: The client had originally purchased the leasehold for cash in 2014. She was now looking to refinance the property at 70% loan to value. A complex case, we needed to source finance from a specialist lender which would accept:
- High rise blocks over 10 storeys
- High rise blocks with a commercial element
- Portfolio landlords
- Landlords with no background income other than that received from rent
The application process: Already having the landlord on our system, we only needed to ask the client to check her personal and property details and confirm they were up-to-date.
Once agreed we took the case to a very niche buy to let lender which only caters to a small section of the market. This lender focusses on landlords with complex borrowing requirements.
More than satisfied with the client’s property portfolio and steady rental income, a full offer was made within one month of submission.
Here are the details of the deal: