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PURCHASE OF NINE HOUSES ON ONE FREEHOLD TITLE

by Sav Dewhirst on 11th August 2023

Date: 3rd August 2023

Broker: Peter Davies

Loan amount: £1.893m

Structure: Ltd Company

Asset Class: Residential

Coreco specialist were contacted to assist with the purchase of 9 nine houses on one freehold title for £2.37m via clients limited company

The properties were let out, some on ASTs and a number on a lease to a local letting agent which in turn were sublet so vacant possession on completion was not possible.

Coreco successfully secured an 80% loan to value net borrowing to provide maximum day-one borrowing to leave the clients with funds to carry out the full refurbishment programme of works

The term of the loan was 15 months to provide time for the refurbishment of each house and the creation of a gated mews-style development.

The exit for this will be to refinance the initial facility onto a term buy-to-let mortgage to enable the properties to be added to the client’s existing portfolio with no exit fee on the initial short-term loan.

Written by Sav Dewhirst

Client Services Team

Savannah worked as Operations Manager for a financial adviser firm for 3 years before wanting a change and began working in the events industry as a Senior Account Manager organising group and corporate events.

Read more posts by Sav
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