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Posts Tagged 'Limited Company BTL'

Remortgage of BTL Portfolio in Lancashire

£330,000 refinance from a bank that says No!

Due to the age of the applicants, their existing lender had given notice to a long-established Lancashire property company to move it’s property portfolio to another bank or sell.

The directors were in their 80’s and spent most of their time overseas and didn’t own a main residence in this country. To add to this, their tenants received housing benefit which some of the banks didn’t like.

We kept in constant contact with the outgoing lender and updated them at every stage. This gave the bank the confidence to grant extra time in a complicated restructure.

Never to back away from a challenge, we arranged with the directors for a UK based relative to become a director. This gave a new bank comfort in succession planning and where other brokers had failed we obtained the finance needed. The properties have been retained giving the clients a comfortable income in their well-earned retirement.

Case Study for New Build Flats

A Cheshire based company had built four apartments with total land and build cost of £200,000 and the properties were valued at £440,000.

Lenders had been approached by our clients and all were either not interested as they were property developers, or wanted them to leave some of their money in the project so they only had had access to a maximum loan of £180,000. This was seriously going to affect their future projects and expansion plans.

By getting to know their medium and long-term strategy we presented this to a specialist property lender. By outlining their plans the lender was satisfied that the company had a long-term viable plan which they wanted to support and offered 75% of the value to them. So we have two happy directors who now have an extra £150,000 to go towards their next project.

Precise Mortgages

Good to see Precise Mortgages will be entering into the HMO and limited company BTL market later this week. As a broker the existing HMO lenders I deal with need new competition so looking forward to seeing the rates from a lender who is very competitive.

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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