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SPV Ltd Co refinances London rental flat

We were contacted by a couple were looking to expand their buy to let portfolio by refinancing a property to raise capital for a deposit.

The property is a 2-bed flat in a small block in North London which the couple own in an SPV limited company.

Although fewer lenders offer finance to SPVs than to individuals, there are currently some quite competitive rates available for limited companies and we found a rate that suited the couple’s needs.

Here are the details:

Property value: £550,000

Loan amount: £300,000

Loan to value: 55%

Rate: Tracker at 3.85% (LIBOR + 3.25 for loan term)

Term: 25 years interest only

Mortgage payment: £963 pcm

Rental income: £2,000 pcm

Gross yield: 4.4% pa

Lender arrangement fee: 1% (£3,000)

Consultant mortgage broker: Gavin Richardson, 01732 471613

Consultant

NB: 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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