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Case profile
Our client is a self-employed property developer and Director of three companies. The client was looking to remortgage two of their high value buy to let properties and wanted to use the funds in two ways. Firstly to repay the existing lender and secondly to raise capital to further invest in their property development business.
A number of lenders were approached to lend the funds at 70%+ LTV. However, the majority felt that that the properties were valued too highly for the area. Complication was added as the buy to let properties were held in a Special Purpose Vehicle (SPV) structure, which is a parent company used to isolate assets to provide additional security in the event of bankruptcy.
Solution
The specialist adviser team at largemortgageloans.com approached a private bank with whom the client already had a relationship. We leveraged this relationship and negotiated a bespoke solution, tailored to the client’s needs, which also provided the necessary security for the finance house. With the funding secured, our client is able to continue to fuel the growth of his property development company.
Deal Highlights
| Loan amount: | £3,485,000 |
| Rate: | 3.29% 5 year fixed rate |
| LTV: | 70% |
| Term: | 5 years |
| Type: | Interest only |
| Loan purpose: | Remortgage of 2 properties / Capital raise |
| Lender’s arrangement fee: | 1% of loan amount |
| Early repayment charge: | 10% of the outstanding loan amount repaid early, for 5 years |
Notes
This case study is for information and illustration purposes only. It is not an offer, or suggestion of an offer. Each mortgage case is assessed on an individual basis and there is no guarantee that the solution described here can be repeated in the future.
Please note that this specific deal may not be available to – or suitable for – all customers, dependent on their individual circumstances. The rate quoted may become out of date at short notice and may not be available at the point at which customers enquire about it. This document may not contain all the information needed for customers to make a decision and they should seek advice. Ask for a personalised illustration.
Your home or property may be repossessed if you do not keep up the repayments on your mortgage. Changes in the exchange rate may increase the sterling equivalent of your debt.
