South West of England – BUY TO LET
5 x Ltd company Buy to Let flats above a Commercial Property was completed in the South West of England in November 2019.
The maximum LTV from this particular lender was 70% at a rate of 3.19% per annum.
The challenge here was at valuation stage when the securities got down valued which left the borrower a shortfall of £50,000 that was required to repay the developers development loan facility.
Development Money were able help the borrower with his exit by stretching the LTV outside the lenders policy (72% and 77% on some of the securities) due to the relationship we have with the lender notwithstanding the strength of the borrower.
The lender got comfortable with the borrower as not only is he an experienced Developer, he is also an experienced Landlord delivering high end specs reflecting in high rental figures achieved!
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