Shawbrook — in partnership with Sirius Property Finance — has helped an experienced investor to the remortgage nine HMO properties worth £3.35m.
The properties were purchased using a bridging loan in June 2018, however, the client wished to remortgage quickly to avoid any fees as the term was coming to an end.
The specialist bank used its LRI2 product on a 10-year, interest-only term and provided the finance in time to repay the bridging loan.
Robert Collins, co-founder of Sirius Property Finance (pictured above), said: “Along the way we had to liaise with the valuer to have the original reports readdressed and to clarify the net rental position as they had originally used a 20% discount that affected affordability.
“However, due to the partnership between me, the client and the team at Shawbrook, we were able to provide a solution within the short timeframe.”
Peter Turner, senior development manager at Shawbrook Commercial Mortgages, added: “The turnaround on this case was tight, but the teams from both Sirius and Shawbrook worked together to remortgage the nine HMOs of the customer, avoiding the bridging finance penalties.
“I’m delighted we were able to help with this case and look forward to continue working with our newest strategic partner.”
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