Alburys Financials is delighted to announce the completion of a £1M residential refinance bridging loan for the purpose of freehold enfranchisement.
THE SCENARIO
Our landlord client required a £1M bridging loan secured against 6 flats within the same block. This allowed them to change the ownership of each flat to qualify for freehold enfranchisement. During the loan term, they will purchase the freehold, allowing them to extend the leases and refinance.
SECURITY
The client owns 13 out of a block of 18 flats in West London with 6 being used as security.
REQUIREMENTS
An 18-month bridging loan, with the ability to service the loan allowing for the maximum day one net loan.
OUR SOLUTION
Security Value £ 1.3M
£1M Gross Loan
75% LTV
7.8% pa Fixed
0.65% pm
18 months term
Interest - serviced
Exit - BTL refinance post lease extension
These are details of a previous deal we have helped our Client with. Any rates or terms expressed in this case study were specific to those clients’ circumstances and may not be available now. Therefore, any terms or rates offered to you may differ and will be subject to status.
If you have any questions or wish to discuss any funding requirements, please don't hesitate to contact us. We'd love to hear from you.