Shawbrook Bank and the newest addition to its ‘Strategic Partner’ panel, Sirius Property Finance, helped an experienced investor to remortgage nine HMO properties worth £3.35 million.
The properties were purchased using bridging finance in June 2018 and, as the term was coming to an end, the client wished to remortgage quickly to avoid any fees.
Using Shawbrook’s large loan residential investment (LR12) product on a 10-year, interest-only term, the team worked with Sirius to ensure the deal was completed in time.
The agreement in principle (AIP) was submitted on November 6 and the case was completed before Christmas, making sure that the bridging finance was repaid within the term and allowing the client to avoid over-run penalties.
According to Robert Collins, co-founder of Sirius Property Finance, the original reports had to be readdressed and needed to clarify the net rental position as the valuer 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 time frame,” he said.
Peter Turner, senior development manager for 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.”
“I’m delighted we were able to help with this case and look forward to continue working with our newest Strategic Partner.”