The Mortgage Lender (TML) has financed a total of 14 mortgages in one go for a buy-to-let (BTL) landlord with over 150 properties in their portfolio.
Through specialist property finance comparison site, Propp.io, TML received the application for an experienced BTL landlord who wanted to refinance seven of his existing properties in order to purchase another seven new build BTL properties in the same development to add to his existing portfolio.
TML’s specialist expertise in real-life lending, particularly for more complex cases, meant the team were able to assist with the case and provide the required level of financing to the client.
David Eaves, head of sales at TML, said: “This was an excellent example that highlights our expertise in complex lending cases.
“Not only did we need to liaise on funding a large number of properties, but also in a high interest rate environment we wanted to ensure we could honour the original rate we offered to the client.
“The sales and BDM team were also crucial in navigating and managing the case during a time when the Bank of England increased its base rate, which could have had a real material cost impact to the client.
“However, owing to the speed and open dialogue between our business development manager, Keith Campsie, Gary Cahill in our Portfolio team and the other various teams involved, it meant we were able to avoid this.”
The case was not a simple one, with added intricacies appearing as the case progressed.
The first challenge appeared when one client’s credit references could not be traced at the bureau. Engaging with TML’s credit rating team meant this was quickly resolved owing to a simple address correction.
Furthermore, an additional four parties were involved in a number of the property applications, requiring additional approvals.
Collaboration and communication were imperative throughout the process and each stage brought its own learning opportunities.
TML engaged with various parts of its team in order to finance the 14 properties as quickly and smoothly as possible.
Teams involved in the case included the mortgage admin team, the new lending team to discuss the size of proposition, the sales and BDM teams to manage the relationship with Propp and the product offering, as well as the underwriting team who spoke with the broker in detail about the mortgage products that could be offered to the client.
TML also needed to liaise with parent company Shawbrook for funder agreement.
The process took approximately eight weeks to complete, and TML was able to provide a majority of properties with 5-year products, with a 65% loan-to-value (LTV) on new purchases, and either a 70% or 75% LTV on remortgages.
Open communication also helped to ensure the client received the best rate possible in an environment of rising rates.
Tevfik Edin, head of operations at Propp, added: “It was really refreshing to work with an underwriting team that had a real will to get the deal done, especially at a time of uncertainty in the market.
“The case ended up being quite complex, but the teams at TML were a pleasure to collaborate with and took a common-sense approach which enabled us to get it over the line.
“A positive outcome all round, and proof that the market is very much still open for business.”
