A UK resident with existing property experience, has a portfolio of 3 Category D HMO properties. These properties are let to a managing agent who sub-lets to the local authority. The properties are used to provide accommodation to vulnerable adults in need of emergency or short-term housing. The clients existing lending facility had matured and required refinancing. With many lenders considering this case ‘out of policy’ our broker was able to reassure his client that he would find a way of helping him raise the funds required to redeem the existing facility.
The client was in a situation whereby he required just over £2 million to redeem a matured facility. With limited lenders & the additional disappointment of a major down valuation exceeding 1 million; our broker Tom Matthews was determined to get this case back on track.
Tom successfully placed the case with Octane. With a decent rate more than 2% lower than the existing facility & LTV under 75% the client was left feeling very satisfied & Coreco Commercial once again succeeded in pulling out all the stops to get another tricky case through to completion.
Broker: Tom Matthews