A multi-unit case with multiple obstacles

The customer had set up a SPV limited company 8 months ago and purchased its first buy-to-let property 2 months after inception.  The property was originally an old schoolhouse and the customer had converted it into a multi-unit property with 7 units still on 1 freehold.

The customer was looking to recoup the capital used to convert the property by refinancing at 80% LTV to be able to reinvest and expand the property portfolio.

There were several obstacles with this case, including:

• Lending to a SPV limited company
• The property was to be refinanced within 6 months of initial purchase
• The property was a grade 2 list building
• There were 7 units in the property, 3 of which were studios
• The property was on 1 freehold
• Despite the aforementioned, the customer required 80% LTV

Brightstar managed to obtain the 80% LTV the customer required at a rate of 3.49% on an interest only basis.

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