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Portfolio landlord refinances 2-bed flat within 30-storey block

Portfolio landlord refinances 2-bed flat within 30-storey block

16.10.18 | Written by: Paul Martins

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:

Property value: £675,000

Loan amount:
£472,500

LTV:
70%

Rate:
3.65% 5 Year Fixed

Term:
25 Years Interest only

Lender arrangement fee:
1.50% added to the loan (£7,088)

Mortgage payment:
£1,459 pcm

Rental income:
£2,600 pcm

Gross yield:
4.62% pa

Consultant: Paul Martins, 01732 471616

 

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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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