Together completes £350,000 second charge bridge in 18 hours
The landlord borrowers planned to refurbish properties within their 40-property portfolio following the end of a series of tenancies.
Together and Channel Finance Group have completed a £350,000 second charge bridging loan in 18 hours to support the refurbishment of a portfolio landlord couple’s rental properties.
The landlords planned to refurbish properties within their 40-property portfolio following the end of a series of tenancies, with the aim of adding value, preparing for future Energy Performance Certificate (EPC) requirements and increasing rental income.
Together provided the loan from submission to completion in 18 hours, secured at 43% loan-to-value (LTV) against the couple’s five-bedroom terraced home in Glasgow.
Martin Bloe (pictured), regional account manager for Scotland at Together, said: “This case highlights how experienced portfolio landlords throughout the UK are still very much invested in the Buy to Let market, with Scotland delivering significant yields.
“They need to be supported with finance that moves at the speed they need, with minimal fuss, and can be delivered with confidence.”
The transaction used an automated valuation model (AVM), with underwriting approving the approach within one hour.
Dual legal representation was also used, with Scottish legal firm Wilson McKendrick acting for both sides of the transaction.
The clients now have an Agreement in Principle to remortgage onto a residential mortgage within three to six months, following self-funded improvements to their home.
This is expected to allow them to exit the interest-only bridging facility within its 12-month term.
The couple are also looking to expand their portfolio, with funding for three further purchases requested since completion of the bridging loan.
Carlos Velasquez, specialist finance and bridging manager at Channel Finance, said: “A case like this would normally take a minimum of seven to ten days to complete and would usually need a full valuation.
“The Together team saw that this was a relatively simple case and were able to move at a much quicker pace, collaborating and communicating with us throughout.
“Being able to use the same solicitors, Scottish legal experts Wilson McKendrick, for both sides of the transaction also helped with the speed and ease of the process.”
Related
Precise launches guide to bridging finance for intermediaries
UTB completes £356,400 auction bridge through new broker portal
Pallas Capital secures £200m funding line to accelerate growth
Redwood Bank launches residential BTL bridging range
Longer bridging terms offer flexibility but add £14,000 in interest costs – Octane Capital
SDKA appoints Laura Perry as underwriter
Aspen completes £1.9m Cheshire bridge-to-let refinance in 14 days
Alternative Bridging provides £967,000 second charge facility
Allica raises AVM limit to £2m for residential bridging
Together to host portfolio landlord webinar for brokers
Hilco Real Estate Finance completes £7.6m brdiging loan
