A landlord seeking to remortgage a semi-commercial property recently received support from Redwood Bank, which provided a residential investment mortgage after the applicant encountered difficulties securing a competitive rate.
The property, a mixed-use site comprising two flats above a convenience store, required a specialised approach for refinancing.
Coreco Specialist Finance Limited approached Redwood Bank on behalf of the applicant to explore the options available.
Peter Davies, of Coreco Specialist Finance, said: “My colleague recommended Redwood to me as a specialist lender for semi-commercial deals.
“Mark [Dobson] and the underwriting team worked with us to find the best solution for our clients.
“In this case they helped a growing firm to release capital in a cost-efficient way.
“Their manual underwriting allowed us to agree a deal with a combination of tenancy types.
“Our clients are delighted with this approach and we look forward to continuing the relationship with Redwood to support them and future clients.”
Redwood’s manual underwriting team was able to review the lease agreements and the source of rental income to offer terms as a residential investment mortgage.
Redwood offered a more competitive interest rate on a 5-year fixed term, interest-only for 29 years.
Dobson said: “Redwood consistently supports semi-commercial deals.
“We help support property investors to release capital allowing them funds to invest in other assets.
“Our approach helps landlords to maximise their affordability to release the capital they need to grow and to manage their margins with longer interest-only terms and access to residential rates on mixed asset types.
“It was great to work with Peter and the team to see this case through to completion within the timescales as dictated by the customer.”
