RAW Capital Partners has delivered a buy-to-let (BTL) mortgage at 70% loan-to-value (LTV) for an expat and overseas borrower.
A broker approached RAW Capital Partners for a Shanghai-based couple looking to purchase a two-bedroom flat in North London.
One applicant was a UK expat married to a Chinese national, both working as teachers.
The broker had difficulty placing the case, as many lenders were reluctant to lend to Chinese borrowers on modest incomes.
RAW Capital Partners reviewed the application on a case-by-case basis and, after extra know your customer (KYC) checks, was satisfied with the couple’s financial position.
RAW Capital Partners completed due diligence and issued a £350,000 loan at 70% LTV.
Tim Parkes (pictured), CEO at RAW Capital Partners, said: “It has been great to see such early uptake following the introduction of our new LTV limit.
“It’s something we’ve been planning for some time, so it’s encouraging that brokers and borrowers are already seeing the value in it, with a high volume of applications coming in since we announced the change.
“This case is a good example of how the updated LTV limit – which can be combined with our core offerings, such as decisions in principle within one business day and no stress testing – allows us to better support expat and overseas borrowers.”
Parkes added: “In this instance, both borrower types were involved in a single case, and our expert team were able to provide a straightforward solution that met their needs in a timely manner.
“We’re pleased to get off to a strong start in this new era and to build on our relationship with the broker.”
