As you are probably aware, there’s a major development taking place in the PRS. Many smaller landlords are weighing up their position within the market, while professional landlords are best placed to make the most of the opportunities post-Renters’ Rights Act.
One property developer recently approached us with a highly complex ask – they wanted to refinance a portfolio of 24 assets held on five separate freehold titles. These were properties they had developed and wished to retain, but they needed a comprehensive buy-to-let mortgage structure to exit their development finance loan. Time was not on their side, with the short-term loan approaching maturity and potential penalties looming after that.
Our Bespoke BTL team were more than up to the task. Working closely with the client, they were able to arrange five separate buy-to-let loans across the portfolio, which was valued at £6.56m. We were able to offer a loan of £4.8m at 73% LTV across the portfolio, each with a 25-year term.
The Bespoke BTL team handled the entire deal with precision and efficiency, with just two weeks from underwriting to offer and two weeks from offer to completion.
As the PRS continues to professionalise, you’re bound to find a few of these kinds of cases coming your way: complex deals that need the support of an expert team to help get them over the line. Are you ready to go bespoke with West One?
Contact our Bespoke BTL team at bespokebtl@westoneloans.co.uk or give us a ring on 0333 123 4556. Don’t let the complexity or size of the deal stop you from placing the case.