New lender Whiteaway Laidlaw completes over 200 deals

Mortgages for Business is among those completing their first residential investment mortgages with new lender Whiteaway Laidlaw Bank.

The Mortgages for Business deal was secured on behalf of an experienced investor who purchased at auction a freehold property in High Holborn, London, consisting of a convenience store on the ground floor with four self-contained flats above.

The investor then sold the shop on a long lease which cleared the bridging finance that was used to make the initial purchase.

With the remaining unencumbered flats valued at £1.2m and bringing in a gross monthly rent of £5,800 the investor was able to raise a further £660,000 with WLB to reduce cash flow and make additional property investment purchases.

Mortgages for Business arranged finance at a rate of 3.7% over LIBOR for three years on an interest-only basis with a lender fee of 1.95%.

Steve Olejnik, head of sales at Mortgages for Business, who negotiated the deal on behalf of the client, said he was impressed with WLB’s transaction processes.

He said: “They completed the deal in just 21 working days. It is refreshing to be working with professionals that have an appetite to lend and deliver an excellent service. The legal process in particular was second to none.”

Whiteaway Laidlaw Bank launched on April 7 this year and has already processed over 200 applications totalling an estimated £50m of potential funding.

It lends only via selected intermediaries and has been working to design products for more complex residential investment opportunities including HMOs, semi-commercial and multi-unit freehold properties.

Stephen Johnson, new business director at Whiteaway Laidlaw Bank, said: “It is great to have made such a fast start, although we have only just begun our journey and are committed to delivering a level of service that will provide our partners with a competitive advantage in the market.

“We are grateful for the support we have received from our partners and will continue to work with them to achieve the right blend of volume and quality. Certainly, the first client Mortgages for Business brought to the table fits our profile perfectly.

“As most commercial banks continue their move away from property based lending to relationship only funding, we are proud to be swimming against this tide and providing credit to good-quality owner-occupied businesses and property investors.”