Alburys Financials is delighted to announce the completion of a £5.7M Resi Investment Refinance Loan consisting of 62 apartments in Birmingham.
THE SCENARIO
Alburys Financials was approached for a refinance facility by our Client, a prolific Landlord and Developer with properties across the Midlands and South East.
The security property consisted of 62 new-build apartments in a block of 107 on a single freehold. The Client completed the property this year and having sold 45 units decided to retain the remainder for his portfolio. The security was valued at £7.5m with a rental income of £540k per annum.
The existing facility was £1.6m with a current rate of 8.3% pa.
The borrower required the new facility to repay the current development loan, which we had arranged in 2017.
Key requirements were to fix the rate, obtain max capital raise for other property investments and have the ability to make overpayments.
OUR SOLUTION
£ 5.7m Gross Loan
76% LTV
£4.1m Capital Raise
4.15% per annum
5 year fixed
1.5% Arrangement Fee
20% overpayments allowed each year
20% of funds retained by the client for any sales made
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.