MFS has worked together with Arc & Co to complete a £2m BTL loan for a client needing help with multiple BTL investments.
The borrower required the funds to refinance their existing portfolio of 10 BTL properties — which fell under a mix of private companies and personal names — and bring the portfolio together under one limited company.
The client was also looking to raise capital to purchase an additional 10 BTL properties.
To assess the deal, the lender ran multiple affordability calculations, which highlighted significant potential for the properties on the horizon.
Thanks to this, the multiple exit strategies available given the breath of the BTL portfolio, and the fact that most of the properties already had tenants, MFS agreed to provide the necessary funds at 70% LTV over a 24-month term, using its new BTL product.
Imogen Williams, regional sales manager at MFS (pictured above), said: “We pride ourselves on cases like these, which present plenty of interesting and unique challenges.
“Here, we were simultaneously consolidating an existing portfolio under one private company, as well as financing the acquisition of ten new BTL properties.
“We had to act quickly and have completely open lines of communication with the broker and borrowers — by doing so, we were able to establish all the facts involved, overcome the complexities of the case, and deliver a product that met the exact needs of the borrowers.”
Rupert Child, senior consultant at Arc & Co, commented: “I am very pleased to have completed this loan with MFS, which had so many layers of complexity, numerous moving parts and timing conditions.
“MFS’ underwriter Jemma Vaja was absolutely brilliant, keeping us updated and seeing the process through to conclusion.“
