Background
We were approached by a legal firm who needed an urgent solution for their clients. They owned 9 UK residential properties as a long-term investment portfolio. The existing lending was with a mainstream lender, however the relationship soured and they required a bridging facility for a fast exit with the intention then to obtain a term mortgage for a long-term interest only facility. The challenge was to redeem their existing arrangements within 3 weeks, before incurring costly penalties, with the clients also residing in Thailand.
Solution
We arranged a short-term bridging finance facility with a specialist lender for £1.2million within 3 weeks. We then arranged a 10-year interest only buy to let facility (fixed for the first 5 years) secured on the clients’ 9 properties. This was serviced by their rental income and also released £100k in cash for the clients to invest in other areas.
Bridging to buy to let
Bridging Facility: £1.2m
Term: 14 months
Buy to Let Facility: £1.35m
Term: 10 years
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