Milton Keynes-based asset finance brokerage Approved Business Finance (ABF) has secured a £13.2m corporate buy-to-let (BTL) facility for two property investment companies.
Through financial structuring and collaboration, the deal resulted in a substantial £500,000 saving for the borrowers.
Brokered with Yorkshire Building Society (YBS), the mortgage deal was the first of its kind for the firm, having launched its owner-occupied small and medium enterprise (SME) offering in May.
By leveraging the expertise of Approved Tax, the transaction was strategically structured to separate the residential elements from the semi-commercial portfolio.
Allowing the borrower to secure lower residential loan rates than the higher semi-commercial pricing, the borrowers will be able to save approximately £500,000 of interest over a 5-year period.
The deal was further facilitated by collaboration between Approved Tax and EMW Law, which ensured a timely transaction, completed within just seven weeks of the solicitors being instructed.
EMW represented both parties, making it the largest deal YBS has ever done with dual legal representation.
A spokesperson for one of the firms commented: “The collaboration between Approved Tax and EMW on this deal with YBS was swift and seamless, resulting in an excellent deal for us.
“The final outcome has enabled us to refinance our existing buildings and fund the building of ten new homes as part of a new housing development, and allow us to offer at least 30 new employment opportunities.”
Laurie Baugh (pictured), managing director of Approved Property Finance, said: “This transaction is a testament to ABF’s innovative solutions and client-focused approach.
“We’re proud to be the first to secure the new owner-occupied mortgage, surpassing competition including long-standing, national firms, by offering the best combination of products to suit the borrower’s specific requirements, as well as the best value.
“I’d also like to express our thanks to the team at YBS Commercial for the proficient way they handled the transaction from start to finish.
“The end result is that clients can proceed with their ambitious development plans – which will serve the local area once complete – as well as ensuring that they have liquidity in the business for their ongoing operations.”
