Featured, Mortgage Guide
Client details: A large portfolio landlord sought to raise capital for future investment property purchases. He wished to have the money raised and drawn down upon so that he could act fast and be a cash purchaser in future auctions and listed properties.
Property details: The client has an impressive portfolio of 45 residential units in SW and NW London, all let on an SSC basis held within the family for over 70 years. We raised funds against 18 properties in a portfolio loan.
Reason for finance: The client had 4 lending facilities with a single lender on 4 different amortisation periods, with different rates and tracking BOE rates.
With the recent base rate increases, the client wanted to refix current lending on a 5-year fixed product and open a lending facility with a lender who would allow him to draw £2m against his portfolio for onward investment purchases not yet found.
Challenges faced: With such a large portfolio, we had to find a lender who would allow for the lending exposure and a significant amount of capital to be drawn for property purchasing without those subsequent purchases lined up. Lenders will most commonly want to condition the lend to an additional purchase.
The property ownership was also held within an SPV, with family members being directors and not having a shareholding. The majority shareholder is 91, with another significant shareholder having Power of Attorney.
Solution: With such experience and strength in the portfolio, we quickly identified the right lender for the client and worked with a Challenger Bank that predominantly caters to professional landlords.
We were able to get from application to mortgage offer in just two weeks.
Broker: Narinder.gill@coreco.co.uk
At Coreco Commercial, we are experts at sourcing the most suitable solution for your needs, be it a bridging loan, development finance, or even offshore mortgages if you’re looking to purchase property aboard. Talk to us today or call 0207 220 5100.
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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