We were approached by a broker who was having trouble placing a deal for the purchase of a flat in the name of a newly incorporated Special Purpose Vehicle (SPV) limited company.
The brokers’ client was looking to invest into property using the profits of the company he directs, a highly successful company creating 3D architectural models. He set up the SPV in order to purchase a 1-bed flat he had found in Essex within a large, purpose built block.
The vendor of the flat was hoping for a quick sale so the chosen lender needed to be able to process the mortgage application as quickly as possible. We approached Metro Bank, a lender that we knew would accept dealing with not only an SPV limited company, but also a first time landlord.
To safeguard against future rate hikes the client elected to take a fixed five year rate buy to let mortgage.
Combined property value: £145,000
Loan amount: £105,000
Rate: 4.69% fixed 5 years
Term: 15 years interest only
Lender arrangement fee: £1,999
Completion date: May 2014
This is just one example of how we've helped a client secure a buy to let mortgage. To see more of our case studies please visit either Popy's or Gareth's profile page. And if you have any funding requirements, please do not hesitate to contact us. Our direct lines and email addresses can be found below.