Our client was a professional property landlord, looking to purchase a 2-unit multi-unit freehold block under a limited company.
The client had an existing portfolio of 30 properties, as a result, they were unable to access a solution with high street lenders and unfortunately had exhausted their options with some of the other specialist lenders in our peer group.
The client had some historic adverse credit, which would need to be accommodated in the underwriting process.
As we do not stress test the background portfolio, we were able to offer terms immediately in addition to taking a pragmatic view on the client’s historic adverse credit.
Our approach to background portfolios is made simple because we do not formerly stress test background portfolios, we check to ensure it is self-financing, we do not require additional verification like E-Tech or EDM, and we can consider portfolio exposure limit up to £3 million or £5million on referral.
Our fast and flexible approach meant that we were able to issue funds to the client in just 17 working days. This enabled our client to complete on the purchase of 2-unit multi-unit freehold.