A successful, HNW businessman, looking to broaden his horizon of investments by purchasing a portfolio of high-yielding HMO properties with limited property experience.
Our client was introduced to us as he was looking for specialist finance to purchase a handful of HMO properties from the same vendor. He had successfully set up his own business from his living room, and grew it to a £14m turnover business – impressive stuff. However, having only one additional property that was consumer buy-to-let, meant that our original list of lenders whittled down quickly, and through a great relationship with our Landbay account manager, we were able to get them to understand the deal with a business viewpoint, and agreed the majority of deals for the client. However, the sticking points didn’t end there. The properties turned out to be complex leasehold houses, and some with incorrect HMO licences that needed amending, therefore time was not on our side. With an extremely experienced and responsive solicitor involved, we managed to press through all issues, even with all parties working from home due to Covid-19.
Landbay offered a brilliant sense-checked option and were a delight to work with throughout. Through swift communication, efficient responses from both sides, and attentive support from all angles, we were able to complete most of the properties during lockdown with a view to picking the others back up and push them through extremely quickly as soon as valuations are up and running again. Overall, a great result for the client, and great work from our broker-team.
Broker: Peter Davies
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