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A Powerhouse of Specialist Lending

Thursday, September 29, 2022

A Powerhouse of Specialist Lending

A collaboration between three specialist lenders was recently required to help a client with complex refinance deal.

Black Book Finance, a specialist distribution partner, came to us with two clients looking to repay a single, cross-collateralised bridging loan in full secured against four assets, comprising of two buy to let properties, a multi-unit holiday let, and a new multi-unit purchase.

The clients had recently acquired a multi-unit block for £1.9m, using the bridging loan, via a refinance of their current portfolio, in order to complete the new purchase. With interest rates rising the clients were keen to execute a refinance quickly to secure a fixed rate and minimise interest costs of the bridging loan.

As the bridging loan had not been in place for 6 months, specialist solutions were required with lenders who could refinance the deal on a ‘day 1’ basis.

As one of the three specialist lenders, we were able to provide 75% LTV on two of BTL properties at a fixed rate of 3.69% for five years. All four loans, totalling £2.6m, provided by the three specialist lenders were completed simultaneously enabling the bridge lender to release their charge within the timescales desired by the borrower.

Please note article content was accurate at time of publishing