A specialist buy to let mortgage supplier has funded a £13m refinancing project.
Zephyr Homeloans says the landlord borrowed the sum - at 65 per cent Loan To Value for five years - to take 58 properties in the south east of England out of a limited partnership and incorporate them into a limited company.
Zephyr adds that it worked with specialist broker Mortgages for Business to create bespoke terms for the deal, which exceeded usual maximum lending limits, ensuring that offers were made on every property within 18 days of the landlord’s application – and that all properties completed on the same day.
Zephyr managing director Paul Fryers says: “Our high levels of commitment to the project included visiting the broker and landlord customer in person, providing a single underwriter for the cases, as well as twice-daily calls between all parties, including the conveyancer.
“We’re working increasingly closely with brokers such as Mortgages for Business, who have an acute understanding of BTL portfolio landlords, in order to support customers wishing to arrange complex deals.”
Mortgages for Business managing director Gavin Richardson adds: “Zephyr, Mortgage for Business, and the key stakeholders kept the deal moving by a mixture of collaborative working, regular constructive meetings, an open dialogue, some incredibly hard work, plus a desire to deliver a great out for the client.
“It’s highly impressive that we were able to complete all 58 cases from application to completion within three months.”
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I would be interested in the CGT effect of this transaction as that is a major disincentive for sole trader landlords setting up a company to take over their BTL properties.
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