A Powerhouse of Specialist Lending
Thursday, September 29, 2022
A Powerhouse of Specialist Lending
A collaboration between three specialist lenders was recently required to help a client with complex refinance deal.
Black Book Finance, a specialist distribution partner, came to us with two clients looking to repay a single, cross-collateralised bridging loan in full secured against four assets, comprising of two buy to let properties, a multi-unit holiday let, and a new multi-unit purchase.
The clients had recently acquired a multi-unit block for £1.9m, using the bridging loan, via a refinance of their current portfolio, in order to complete the new purchase. With interest rates rising the clients were keen to execute a refinance quickly to secure a fixed rate and minimise interest costs of the bridging loan.
As the bridging loan had not been in place for 6 months, specialist solutions were required with lenders who could refinance the deal on a ‘day 1’ basis.
As one of the three specialist lenders, we were able to provide 75% LTV on two of BTL properties at a fixed rate of 3.69% for five years. All four loans, totalling £2.6m, provided by the three specialist lenders were completed simultaneously enabling the bridge lender to release their charge within the timescales desired by the borrower.