Word On The Street and Hampshire Trust Bank (HTB) have closed a £16.8m buy-to-let (BTL) lending deal for a landlord in the Midlands.
The specialist mortgage broker set up three loan facilities in October and November, assisting the long-time client in refinancing and releasing equity from their property portfolio.
HTB initially provided a £7.9m loan to refinance large house in multiple occupation (HMO) assets, with £2.4m of it allocated for further property investment.
They later issued two buy-to-let loans of £4.3m and £4.6m to refinance properties and repay bridging loans previously provided by HTB.
These loans also facilitated the raising of additional cash.
All three loans were 5-year terms at 75% loan-to-value and interest rates of 6.39-6.59%.
Michael Street (pictured), partner at Word On The Street, said: “Our understanding of specialist lenders’ appetites and capabilities means that our clients can rely on us for solutions that are fit for purpose.
“In this instance, our goal was to move the borrower onto a longer-term product, at a better rate, with the option to release cash for growth.
“Working with HTB as a lifecycle lender has been instrumental, speeding up underwriting, credit decisions and completion timescales.
“It is a pleasure partnering with Wes and the team on what is sure to be a fruitful ongoing relationship between all parties.”
Wes Baker, business development manager at HTB, said: “I’ve really enjoyed working alongside Michael and the wider team at Word On The Street; they have always demonstrated excellence in the way they present their clients to HTB, and it’s clear they go above and beyond to ensure the right deal is place with the right lender.
“The background team at HTB and I have forged a solid relationship with Word On The Street and we’re excited to see what 2025 will bring.”
