LANDLORDS GROW THEIR BUY-TO-LET PORTFOLIO THROUGH A SEVEN-DAY SECOND CHARGE MORTGAGE

The directors of an investment company, who own nearly 250 properties in the North of England, are set to grow their portfolio after specialist lender Together helped them to secure funding against part of their buy-to-let empire in just a week….

The directors of an investment company, which own nearly 250 properties in the North of England, are set to grow their portfolio after specialist lender Together helped them to secure funding against part of their buy-to-let empire – in just seven days.

Together provided a second-charge loan secured against 26 of their rental homes, collectively valued at £3.5 million, and owned through a limited company structure.

The three investors – two of whom are self-employed directors of the property business – wanted to keep their existing low-rate, first charge buy-to-let mortgages on the portfolio, which they’d bought before the financial crisis of 2008.

However, they wanted to release some of the equity they’d built up in the decade since. By using a second-charge loan and completing the deal quickly, they could press ahead with adding to their property portfolio.

They approached a packager, who – having worked with Together closely in the past, well-knew their reputation for delivering fast finance.

Marc Goldberg, Together’s Commercial finance CEO, said: “Our dedicated team of commercial underwriters was presented with the complete package, after the packager couldn’t find a way to make the case fit with the mainstream lenders.

“These customers run a multi-million pound property empire, which includes buy-to-let homes, commercial property and car parks, through multiple companies.
“All three of the applicants have spotless credit histories and, between them, have years of financial knowledge, as well as the experience they needed to expand their already-successful business.”

Together liaised closely with trusted experts from legal firm Priority Law and the customers’ solicitors, and provided £879,000 through a second-charge loan, with repayments agreed on an interest-only basis.

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