The client is a portfolio landlord and the director of a company in the pharmaceutical industry. Within their portfolio the client owns a total of 31 residential properties. In addition to their residential properties the client owns 3 commercial units in a limited company alongside another shareholder.
Previously the client had taken a £1.63m bridging loan with West One, in order to finance property renovations.
The client owns their residential property which was valued at £10m, unencumbered.
The client needed to repay an existing facility of £3.5m that had been taken out with Barclays and raise additional funds in order for their company to expand.
They were looking to refinance 25 of the properties, varying between £190k - £650k, within their portfolio in order to raise £6.8m.
Due to the large value that the client was looking to borrow it was vital that the team at West One looked carefully at the financial situation of the client and their ability to repay the buy-to-let mortgages.
Our manual underwriting enabled us to get comfortable with the client’s situation, the overall DSCR was 127.89%, the latest accounts from Companies House showed that there were significant funds within the company and the client’s limited company being used in this transaction. In addition, the fact that they owned a £10m property, mortgage free highlighted the financial stability of the client.
We were able to agree a bespoke rate and fee for the client and offer up to 75% LTV.
West One offer portfolio landlords a safe pair of hands, with our flexible approach. Our expertise in this area combined with the fact that we can lend up to £10m per borrower for portfolio lending meant that we were quickly able to navigate and get comfortable with the client’s circumstances.
As a result of West One’s pragmatic approach to portfolio landlords we were able to refinance 25 properties within the client’s portfolio in just 6 weeks, enabling the client to exit their facility with Barclays and use the surplus funds to grow their company.