Mortgage in weeks for nine-unit block held by Special Purpose Vehicle
When a serial entrepreneur spotted a nine-unit buy-to-let opportunity in London, he needed act quickly to secure the deal. Investec provided a residential investment loan within eight weeks by evaluating the property and the client’s complex financial profile at speed.
Our client
A serial property investor approached Investec when he was given a tight deadline to complete the purchase of a nine-unit residential block in London.
The client was the ultimate beneficial owner of a Special Purpose Vehicle (SPV) and had an investment portfolio spanning multiple sectors including student accommodation and retail. This meant he had a complex income profile.
The challenge
The client needed fast approval and to complete the purchase within eight weeks, despite the property having some atypical features.
Three of the nine units were small studios, and Investec was required to consider the investment value of the block, instead of its break-up value to determine an appropriate loan amount. In addition, our team was required to estimate the rental income that could be achieved on each unit after cosmetic restoration.
The solution
Investec provided a 70% LTV interest-only investment loan for around £3m to the SPV. To offset the risk, seven units were required to be let before completion. The facility was offered on a five-year term.
It was a pleasure to assist our experienced client and intermediary as they looked to expand his portfolio.
Get in touch
If you're a mortgage broker and want to discuss how we can help your clients with their mortgage, contact us.
Further information for mortgage brokers
Mortgage rates
Our latest rates and details on early repayment charges, valuation fees and solicitors fees.
Mortgage broker hub
Our dedicated hub for mortgage intermediaries.
Client application forms
Application forms and key documents for your clients to complete.
Important information
Your property may be repossessed if you do not keep up repayments on your mortgage. Investec residential mortgages are only available for residential properties in England or Wales and are primarily available to UK residents and subject to eligibility. This is a case study based on the services we provide. Some details may have been changed for client confidentiality.
Browse content in