Our client faced several issues, firstly the property had been converted without consent into an HMO and his existing commercial loan
had a legacy rate too good to refinance. In addition the property sale was being handled by a receiver so a deadline for completion had been set following the clients exchange.
The solution was to review the clients’ entire property portfolio and blend the total funding requirement across 4 properties. These
comprised a standard buy to let house, three flats in one house on one title let as holiday lets, the main hotel and the property he was purchasing which would become an addition to his current hotel.
In total financing of £2,433,000 was raised using both first, second charges and bridging finance. All this was successfully achieved
without changing the legacy rate of the clients main existing commercial loan.