Loan: Complex Buy-to-Let mortgage
Rate: between 3.66% and 3.92%
Vantage Finance received a referral from a bank to help a landlord. His firm was looking to purchase 28 properties from the partners’ personal name to incorporate into a professional partnership. The properties were predominantly in the south east and east of London, requiring a total loan just shy of £8 million.
His need didn’t stop there. He already had another 28 properties and, in a bid to regroup his portfolio, was looking either to do a product switch or capital raise in various ways across these properties with the total finance required on these hitting £9.12 million. (14 product switches totalling £5.28m and 14 regroup/refinances totalling £3.83m).
To add to the pressure, he imposed a timeframe of three months on Vantage, Vantage spent days working through different scenarios to put to the client to form part of its recommendation. The amount of paperwork required given the loans were arranged through multiple facilities required a member of the Vantage team to apply such focus to the transaction daily to ensure it went through as efficiently as possible.
Deals at £17 million don’t come along that often and when they do, they’re usually not straightforward. Securing the finance for this client was no different – we assessed his entire portfolio and finance needs and spoke to a lender we knew would have an appetite to fund the deal.
This is where understanding the client’s ultimate needs and the lenders’ various appetites for risk is invaluable and it’s the reason distributors who sit between brokers and specialist lenders can make or break a deal being done.
We completed this in the time the client required and following detailed conversations with the lender; they agreed to go outside their usual criteria in order to lend both on product and exposure limits.
Find out more about our Buy-to-Let mortgages.