Word On The Street and Hampshire Trust Bank (HTB) have completed £16.8m in BTL funding for a Midlands-based landlord client.
The funding has been spread over three loan facilities in October and November this year to support the borrower to finance and release equity from several BTL properties in their portfolio.
HTB initially advanced £7.9m for the refinance of a selection of large HMO assets, £2.4m of which was required to fund further property investment.
This was followed by two loans of £4.3m and £4.6m to refinance multiple properties on which bridging needed to be repaid and cash raised for deployment elsewhere.
All three loans were at 75% LTV and priced between 6.39% and 6.59%.
Michael Street, partner at Word On The Street (pictured above), worked closely with Wes Baker, business development manager of specialist mortgages at HTB, on the deals.
“Our understanding of specialist lenders’ appetites and capabilities means that our clients can rely on us for solutions that are fit for purpose,” said Michael.
“In this instance, our goal was to move the borrower onto a longer-term product, at a better rate, with the option to release cash for growth.”
Wes added: “I’ve really enjoyed working alongside Michael and the wider team at Word On The Street; they have always demonstrated excellence in the way they present their clients to HTB, and it’s clear they go above and beyond to ensure the right deal is placed with the right lender.”
