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An investor had submitted an offer to purchase a 9 flat multi-unit block that was due to be entered into an auction. However, the agent agreed to allow the block to be sold privately if the investor could exchange and complete within 6 weeks; otherwise the property would be auctioned.
In addition to the need for the case to be completed quickly, the proposed structure needed to be set up in the name of a newly formed SPV with borrowing at 65% LTV. Also, the client had 3 buy-to-let properties in their existing portfolio, but no residential mortgage and no experience with multi-unit blocks.
Brightstar worked closely with the client, broker, surveyor, lender & solicitor and were able to achieve completion of the case within the 6 week deadline.
The product used was a 2 year fixed rate at 3.19% with a 2% lender product fee.
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