Somo completes £400,000 bridging loan for landlord portfolio expansion
The six-month Low Rate Plus facility was agreed at 70% loan-to-value (LTV) and secured against three semi-detached buy-to-let (BTL) properties.
Somo has completed a £400,000 bridging loan to help a landlord expand their property portfolio in South Manchester.
The six-month Low Rate Plus facility was agreed at 70% loan-to-value (LTV) and secured against three semi-detached buy-to-let (BTL) properties.
During the process, a valuation found that one of the properties had been split into two self-contained flats without the required planning consent.
Instead of delaying completion or changing the security, Somo’s underwriting team worked with the valuer and legal representatives to understand the situation and put in place legal protections, including an indemnity policy.
This meant the lender could keep the original security package and finish the transaction on time, allowing the borrower to carry on with their property purchases without delay.
Joe Cash (pictured), senior underwriter at Somo, said: “Not every property transaction fits neatly into a standard lending policy.
“Our role is to understand the whole picture and assess each case on its individual merits, we call this our 360Promise.
“By working collaboratively with the valuer and solicitors, we were able to structure a solution that appropriately managed the risk while helping the borrower meet a critical deadline.”
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