Portfolio landlord bags mother of all remortgages – £11m for 63 properties

Shawbrook Bank has just arranged the mother of all buy-to-let mortgages for a portfolio landlord needing £11 million to refinance a spending spree in the North West.

The landlord wanted to release capital from 63 houses and flats and approached Empire Finance following the recent base rate rises and limited lending appetite from their previous high street lender.

Shawbrook agreed to an £8.5 million five-year fixed interest-only mortgage geared across the properties with an LTV of 75% and a £15 million lending facility – arranged with a standard personal guarantee of 25% and no debenture requirement.

Rate rises

The deal frees up equity and means the landlord can buy further properties down the line while protecting them from future rate rises over the next five years.

There are significant opportunities for ambitious property investors, says Matthew Taylor, national relationship manager at Shawbrook Bank, who adds that the case demonstrates its ability to deal with complex cases, the strength of the team’s relationship with Empire Finance and its appetite to lend.

“It’s important that brokers are able to build relationships with our team and feel able to speak directly to the decision makers on their case. Being able to do so gave both the broker and the landlord confidence in our ability to get this deal across the table,” says Taylor.

Gareth Broome at Empire Finance adds: “Our client’s needs were complex and it was important that we found the appropriate lending partner that would be able to accommodate and flex its offering.

“Shawbrook delivered on their promise and together we were delighted to complete this facility which has provided our client with sufficient capital to purchase £10m of additional properties.”

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