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by Narinder Gill on 14th June 2022

refinancing BTL

2.8m Loan for a Portfolio Landlord (Mortgage Prisoner) needing help refinancing his BTL Portfolio – stuck on SVR’s

Client details: A retired commercial pilot has built up a large property portfolio in prime central London. He had come to the end of tie-in periods and terms with his existing lenders and needed to both refinance and raise capital.

Property details: Prime Central London Apartments and HMO’s – Belgravia, Chelsea, and Kensington.

Reason for finance: The client had approached Coreco Commercial having failed with two previous brokers when trying to refinance his current lending.

He had approached previous brokers well in advance of reaching the SVR’s on his current lending, but the failed attempts had now adversely affected both his credit rating, and confidence and was crippling the client’s cash flow by increasing his mortgage payments by over £4,000pm.

Challenges faced: The client had also come to the end of one of his mortgage terms and needed to repay an existing lender £1m ASAP. He was 3 months late on full redemption, and we worked with the existing lender to keep them at bay until they were redeemed in full.

The client’s age was also an issue. Being retired and needing to refinance for a term longer than 5 years, he struggled to meet the lending criteria of high street lenders.

The client also needed to raise capital to pay off a 2nd charge mortgage taken to assist with the wider portfolio.

With 4 properties collectively being downvalued by over £1m, we were in a very precarious position and needed to work quickly with the lender to remedy this.

Prime Central London apartments have struggled post Covid Lockdown with reduced sales and sold comparable for valuers.

With many Central London properties being low yielding, this caused great difficulty in meeting ICR coverage for existing lending. This also proved to be even more difficult when wanting to increase lending and raise capital.

Solution: We cross-charged other assets within the portfolio and represented a bespoke lending requirement to Credit Committee and had their approval to alter initial lending terms and allow for a swift completion thereafter.

We have strong relationships with specialist lenders, but this case was a testament to our ability to work with a trusted lender and individuals in meeting our complex client requirements.

Special thanks:

Monument Bank – Conor McDermott, Edwin Yamoah

Freeths LLP – Lucy Bradban, Michelle Johnson


At Coreco Commercial, we are experts at sourcing the most suitable solution for your needs, be it a bridging loandevelopment finance, or even offshore mortgages if you’re looking to purchase property aboard. Talk to us today or call 0207 220 5100. 

Written by Narinder Gill

Associate Specialist Broker

Narinder is an Associate within the Commercial Team at Coreco Specialist Finance. He assists HNW and UHNW clients with their large portfolio and complex lending requirements. He specialises in complex/portfolio Buy to Let mortgages (including Ltd Co/SPV), HMO’s and Bridging finance. Narinder also advises on all Commercial, Semi-Commercial, and Development finance. The ‘go to’ Broker for the more technically challenged lending requirements, frequently providing bespoke/structured lending solutions. After graduating from the University of Kent with a LLB (Hons) in Law and College of Law (LPC) Narinder joined The Law Society & Royal Courts of Justice in London. After working in the legal sector Narinder pursued a career as a Mortgage Broker and quickly became CeMAP qualified. Prior to joining Coreco Specialist Finance, Narinder was a Senior Broker at Mortgages for Business and Countrywide Mortgage services where he assisted in Residential, Specialist BTL & Commercial Finance. Narinder is a member of the London Institute of Banking & Finance. Outside of work, Narinder is an avid golfer having captained his University and Club Scratch team and competes in County tournaments.

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