Not every portfolio landlord case fits standard lending criteria. At Foundation, we’re continually evolving our specialist propositions to help brokers place more complex cases with confidence, making mortgages happen.
The opportunity:
An employed portfolio landlord was looking to remortgage a terraced buy-to-let property through their SPV.
The property was valued at £475,000, with a mortgage requirement of £356,250 at 75% LTV. The applicant owned 176 properties and already held 12 mortgages with Foundation.
The challenge:
Despite a personal income of £21,600, the applicant had built a substantial property portfolio, with total lending held with Foundation exceeding £5 million.
The case required a detailed assessment of the applicant’s overall position, including portfolio performance, existing borrowing and aggregate lending exposure.
The solution:
Following a detailed review, our underwriting team considered the applicant’s strong track record, satisfactory mortgage conduct and clean personal and SPV credit profiles.
With additional comfort provided by shareholder funds held within the SPV, we were able to support the remortgage and deliver a solution that met the client’s needs.
This case highlights how specialist underwriting can support experienced portfolio landlords where the full picture matters more than a single measure, making mortgages happen.
Reflecting on the case, the team involved shared their thoughts:
Jack Gerasimov, Key Account Manager on the case, said “As the BDM supporting this case, I was delighted to see Andy once again demonstrate the value of taking a common-sense approach. With 176 properties and over £5 million of existing lending, it was never going to be a straightforward case.”
Andy Thursby, Senior Underwriter who worked on the case, added “Cases like this demonstrate why specialist underwriting matters. By taking the time to understand the wider portfolio and the client’s overall position, we were able to look beyond a single measure and support a positive outcome.”
If you’ve a similar case to discuss, speak to your Foundation Regional Account Manager today.