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by Peter Davies on 20th August 2021



Our client was looking to refinance his HMO corporate let with capital raise and purchase a new build property – both with Hampshire Trust Bank. The HMO corporate let was to employees of a business who help young vulnerable people, among other things, find accommodations and get back into education.

Coreco Partner Peter Davies, an experienced broker with excellent lender relationships, took on this special case with great results, despite the many setbacks.


As our client was a Slovakian National and Nigerian Resident, he needed a foreign national lender, which also meant we could expect a Stamp Duty increase by the 1st of April, regardless of the UK holiday being extended. This could have caused an additional £34k in tax to be charged to the clients.

A larger retention on the new build property was held over concerns of rental demand due to its location in central London and due to the property being a new build, it was not currently let out. The final retention was just over £100k, which reduced day one lending by 10%. Coupled with the 34k stamp duty that was now due as the April 1st deadline had been missed, there was substantial concern over whether our clients would be able to complete it at all.

To add to this, the HMO license was held in the previous management companies name and as the local council was not issuing new licenses due to Covid this caused major delays. There was then an issue of a mix-up with a fire risk assessment, which caused an immediate decline to the case the day before completion was due.

With numerous meetings and substantial research over that next 48hr period, between Coreco Commercial and Hampshire Trust Bank, the misunderstanding by the company conducting the fire risk assessment was resolved and all other points were worked on. With common sense and flexibility from the lender, we managed to complete the case just in time for their developer’s deadline!

Whether you’re an experienced Buy-to-Let investor or a professional landlord with a large property portfolio, you’ll want to ensure your property finance is constructed as efficiently and cost-effectively as possible. Chat to us today or call 0207 220 5100.


Written by Peter Davies


Starting his career in property and finance with Connells Estate Agents more years ago than he cares to remember, Peter was first employed as a sales negotiator before moving across into the Financial Services arm as a mortgage adviser. During this time he studied for, and passed, all three elements that make up the FPC qualification and in addition gained the CeMAP qualification. After 5 years with Connells he joined John Charcol in 2002. Based in the Canary Wharf office he remained with Charcol until joining Coreco in August 2009 shortly after the business was established. Better known as Taff, he now works within the Specialist team here at Coreco Towers dealing with the extremely varied requirements of their many clients.

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