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BTL on Non Standard Construction Property

I am extremely grateful that you have been able to obtain a loan for me on this property. After my usual broker exhausted all options available to him, I had almost resigned myself to selling the house. Had it not been for the podcast, I would not have been aware of your services.

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Bridging Finance-Customer Feedback

“I have just completed on my 2nd investment property. It’s a wreck in Birmingham that will be turned around in the next 3 months. I would like to say a massive thank you to Simon Allen from Searchlight Finance for an absolutely fantastic service.”

Very kind words and one we were particularly proud of as the client didn’t have the conversion experience the lender needed to offer a lower rate. By understanding what could be offered as an alternative we got the rate and one happy client.

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10 Reasons to use Searchlight Finance

  1. Support and inform you from initial enquiry through to completion and beyond.
  2. Education service on market in general and 16 years experience of being a landlord.
  3. Take the time to gain a detailed knowledge of your circumstances and aspirations
  4. Provide impartial, expert and external scrutiny of mortgage products.
  5. Identify when your circumstances do not meet the criteria of specific lenders.
  6. Identify the most likely lender in unusual situations, thus avoiding the need for multiple credit checks.
  7. Expert guidance in complex scenarios.
  8. We understand the urgency of some transactions and “Go the extra mile” to meet deadlines.
  9. We work for you and not the lender.
  10. Explain the features and benefits of different options and lenders.
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Case Study: Short Term Loan for Addition of another BTL to Portfolio

 

Shawbrook is pleased to report the completion of a short-term loan at 55% LTV, for a client of Strategic Partner ‘Searchlight Finance’. The purpose of the loan was to raise funds for the purchase of another investment property, with the client having very recently transferred ownership of a buy-to-let (BTL) property from their individual name to a limited company via a special purpose vehicle (SPV).

Shawbrook has completed on loans for a number of clients in a similar position, establishing an internal support framework which can process SPV transactions as efficiently as possible. In this case, the broker’s client already had another loan with Shawbrook, enabling them to benefit from the Existing Customer Discount and expediting the application process for all parties.

The client was initially unable to provide the shareholding structure of the new SPV to the Bank, because they were awaiting the appropriate security codes from Companies House in order to update their annual return documents. As Searchlight’s client was known to the Bank, Shawbrook was able to take a pragmatic view and issue the IMO without this information, making it a pre-completion requirement instead.

There were some initial discrepancies concerning the property title plan, whereby the documentation provided seemed to indicate the footprint of buildings previously on site and not forming the boundaries of the newly built development. This created difficulties for our legal partners at Pure Law in terms of finalising a definitive boundary plan, but these were overcome by the efforts of both the Shawbrook lending teams and Searchlight Finance.

With open communication channels ensuring all outstanding information was shared as needed, the Shawbrook lending teams were able to move to completion to the satisfaction of the client.

The broker, Simon Allen from Searchlight Finance, commented:

“My client was pleased with the outcome of their application process with Shawbrook and, as a repeat customer, is open to seeking finance from Shawbrook again in the future.

“From a broker’s standpoint, the interaction with Shawbrook lending teams was as Searchlight Finance has come to expect – expert, pragmatic and always able to take an informed view throughout the lending process.”

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Bridging Finance – Customer Feedback

“I’ve been working with Simon for over a year now and frankly it’s been a revelation compared with previous experiences I’ve had. Simon has an exceptional depth of knowledge, not just of the lending market but also property investment in general. I always learn something new when discussing possible financing options with him and he consistently sources great, relevant products. He’s speedy, responsive, professional and (most importantly) a nice bloke”

James-London based developer

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BTL Remortgage – Customer Feedback

“Special thanks to Simon Allen for sorting the re finance on my single let rental property. Highly recommended professional service. I am ready for my next project now.”

Anthony-Birmingham based landlord

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HMO Mortgage – Customer Feedback

“It has been an absolute pleasure working with you. The only part in the purchase process that has been straight forward.”

Richard-London based investor

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Stick to your Mortgage Conditions

We receive calls where it is clear that the true purpose of the BTL mortgage is not the same as what is being asked for. Using traditional BTL mortgages for HMOs and Serviced Accomodation is not allowed unless it specifies it within the mortgage conditions. Here Stephen Johnson of Shawbrook Bank outlines the penalties for doing so.

From our point of view using a wrong product for a mortgae application is fraud and the case will be declined.

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Watch “Data to go… how safe is your data online?”

There are many examples of identity fraud and whilst most get sorted,  it takes time. I’ve seen many cases where clients don’t get the BTL mortgage they need because of problems on their credit file.

This video produced by Noddle highlights the issues we face .

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Searchlight Finance Limited is registered in England and Wales No.07929050 Searchlight Finance Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (http://www.fca.org.uk/register) under reference 743220. The FCA do not regulate Business Buy to Let Mortgages or most Commercial Mortgages and Bridging Finance. ICO Number Z3109319. Your property may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.

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