Butterfield Mortgages Limited (BML) has issued a buy-to-let (BTL) mortgage worth over £20m to refinance and upgrade a client’s prime Central London property portfolio.
The loan supported the renovations needed for various property assets held in a trust structure, which included multi-jurisdictional offshore companies.
Some of the properties had short leases and required improvements to achieve acceptable market returns.
The broker noted the complexity of the income profile and the need for specialist financing support.
Butterfield advanced funds to refinance the existing lender and provided additional capital for future renovations, allowing the client to extend the leases and make necessary upgrades.
The mortgage terms included capitalised interest fixed for the duration of the loan to accommodate the client’s limited income.
BML provided advanced funds of over £20m at a loan-to-value (LTV) ratio of 64%, following enhanced due diligence.
Alpa Bhakta (pictured), CEO of Butterfield Mortgages Limited, said: “Complex property portfolios, such as those held in trusts with multi-jurisdictional assets, often present unique financing challenges due to their structure and income profile.
“This is particularly true in the Prime Central London market, where high-value properties require specialist expertise to assess and structure tailored financial solutions.
Bhakta added: “We have the ability to value complex, high-value properties, and also assess applications from prospective borrowers who might have non-traditional financial profiles, as this case exemplifies.
“By offering bespoke lending solutions, we were able to help this client refinance and fund important improvements, and we were delighted to strengthen our relationship with the broker who brought the case to us.”
