Portfolio landlords remortgage flat within 6 months of purchase
The clients: A married couple who are professional landlords with a portfolio of five properties consisting of flats and terraced houses all owned within their SPV Ltd company.
The property: A 3-bed flat in a 7-storey block of 38 units in a popular residential area with an abundance of shops, services and parks.
The finance: The clients purchased the flat at auction after spotting it as a great investment in an increasingly desirable location. Having used up all their available cash, they wanted to remortgage the flat to put towards further investments.
However, contacting a few banks directly they discovered that many lenders will not allow refinancing until a property has been owned for at least six months, so they approached us for help. Quite a few lenders will not accept high-rise buildings either!
The application process: We sourced a number of suitable options and our clients chose a 5-year deal. We then worked with them to create a comprehensive spreadsheet of their portfolio to support their application. (This is a free service which we offer to all landlords).
Ten days after submitting the application, our clients received a formal offer. We are now working to ensure it is processed as quickly as possible and are looking forward to helping the couple finance their next investment.
Here are the details: