10 May 2022

£6.86 million buy-to-let remortgage secured for HNW Individual

By West One

When it comes to financing large complex buy-to-let portfolios, selecting the right lender is crucial. For complex cases you need a safe pair of hands and at West One our individual approach to underwriting means that we review each case on its own merits, ensuring we support clients to secure the purchase or remortgage that they require in a smooth and timely fashion

Our latest case study, in which we successfully assisted a high-net worth individual with a £6.86m refinance of their property portfolio in just 6 weeks, really highlights the benefits of our flexible approach to portfolio landlord cases.

Key Figures

  • £6.86m Loan Value
  • 75% LTV
  • 54% Rate
  • 10 Years Loan Term

What was the situation?

  • The client was the director of a company.
  • Client owns 31 buy-to-let properties and 3 commercial units in a limited company alongside another shareholder.
  • £10m unencumbered residential property owned by the client.
  • Funds were needed to exit an existing bridging £3.5m facility with another lender and expand the company.
  • Client had previously taken a £1.63m bridge with West One.

What was the solution?

  • Refinance 25 of the clients’ buy-to-let properties (values of the properties varied between £190k - £650k) in order to raise the required £6.8m
  • Manual underwriting enabled the team to get comfortable with the client circumstances.
  • Overall DSCR was 127.89%.
  • Significant funds in the client’s company and limited company.
  • Bespoke rate and fee for the client was agreed.
  • Offer of up to 75% LTV.

What was the result?

  • Pragmatic approach meant West One were quickly able to navigate and get comfortable with the client circumstances.
  • The refinance of the 25 properties completed in just 6 weeks.
  • Client was able to exit existing facility and use surplus funds to expand their company.

Why West One?

  • Portfolio lending up to £15m per borrower – more than 20 applications or £3m lending by referral
  • Leasehold Block exposure to 20 units with up to 100% exposure possible - over 20 by referral
  • No background portfolio stress test
  • Additional verification (like E-Tech or EDM) is not required
  • Great turnaround times from enquiry to application and offer
  • Limited company lending with no rate loading
  • Fast-track remortgage options to speed up completions
  • No minimum income requirements

Find out more about West One’s buy-to-let products here.

To discuss a case or register as an introducer please get in touch with the West One team here: https://www.westoneloans.co.uk/buy-to-let-mortgages#introducer
0333 123 4556