Alburys Financials is delighted to announce the completion of a £5,075,000 Residential Investment Refinance Loan on 10 houses in Middlesex.
THE SCENARIO
Alburys Financials was contacted by one of our long-standing Clients, a highly experienced property entrepreneur based in the UK.
The security property consisted of 10 detached houses in a private cul-de-sac in Middlesex which our client built-in 2015. It was valued at £7.5M with a rental income of £265K. The existing facility was £4.5m with a variable rate of 4.25% pa.
The borrower required a new facility to refinance away from the existing lender. The loan was due to expire in just 4 weeks and the new terms being offered would have meant the client needed to inject £500K into the deal.
Key requirements were to capital raise for the group's other projects and the ability to sell one or 2 units per annum without early repayment penalties.
Critically, we needed to complete the loan in the short timetable to avoid the risk of any default interest incurred by the current lender.
OUR SOLUTION
£ 5,075,000 Gross Loan
68% LTV (76% LTV based on block value)
£500K Capital Raise
4.15% pa fixed for 5 years
1.5% Arrangement Fee
Interest Only
20% overpayments allowed per annum
20% of any sales proceeds to be retained by the client
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.