The customer, a portfolio landlord, had purchased 9 properties on the same street 6 months prior. The purchase was made using short term finance via their SPV limited company. The properties were then renovated and converted to houses of multiple occupancy (HMO).
The customer needed to refinance the properties onto traditional buy-to-let mortgages to settle the short term finance arrangement. However, the customer was considering selling 5 of the properties within the next 24-36 months with the remaining 4 to be kept and rented out.