Size of property portfolio
£28 million
LTV secured
65%
Saving
£270,000
A portfolio of 30+ residential investment properties across Greater London
Existing lender unable to renew or extend, so new financing was sought
The deal
Assets
- 30+ London properties
Security
- First charge over portfolio
Income
- Rental
Requirements
- £17 million refinance
- Lender open to asset sale and replacement
Challenges
- HMO occupation
- 30+ properties
- Held in BVI company
Facility Secured
- 5 year term
- 65% LTV
- Top tier bank
Summary
The directors of a BVI company sought £17 million against their property portfolio to allow them to continue growth through strategic acquisition. The portfolio of 30+ investment properties was based in Greater London and managed consistently through a professional agency.
Existing lenders were unable to extend or renew facilities following a decision to exit the sector. In re-assessing their lending, the directors also wanted a provider able to offer a flexible approach to asset sales and replacement.
A 5 year term, granted with full right of substation (subject to LTV covenant only), included the ability to hold sales proceeds on account for up to 6 months post-sale before reinvestment.