ChaseBlue Loans and Together have completed a £785,000 second charge buy-to-let mortgage in a complex deal which was completed in under a week.
The client was a business owner and landlord who wanted to use two of the properties in his existing property portfolio to secure a second charge interest-only loan for £785,000 to complete another property acquisition.
Together, known for its speed in providing finance, offers much faster time to completion than high-street lenders, which explains why their products are more expensive in comparison. But this naturally appeals to some buy-to-let landlords, especially those borrowers that require a very quick turnaround to secure the property they want to purchase.
“The speed of completion on this deal highlights the efficient partnership, with all involved working together to ensure the best outcome for the customer,” said Ben Gillespie, managing director at ChaseBlue Loans.
“Given that there were two properties used as security, there were some complexities, but we were able to complete within a week, ensuring the client could proceed with his additional purchase, further enhancing the value of his property portfolio,” he added.
Together was one of the first lenders to offer second charge buy-to-let mortgages, which prove popular with investors with larger portfolios as they continue to expand, typically providing funds for either additional purchases, or renovation of existing properties to improve rental yield.
Nick Jones, national sales manager at Together, commented: “We have a longstanding relationship with ChaseBlue Loans and, as a leading second-charge packager, they understand our criteria and are adept at knowing which cases to refer, ensuring they are well-packaged so that we can give a quick decision. In this case, the client needed an interest-only second charge loan and knew that we would apply our usual common sense approach when reviewing the application.
“We offer a wide range of products for buy-to-let investors, and are continually improving and expanding our offering to ensure we can meet the demand from our brokers, and support property investors as they grow their portfolios.”
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