Case Study – BTL Purchase
Case Overview
Type of Loan – Buy to Let
Purpose of Loan – To purchase the adjoining house to their residential to add to their portfolio
Security – 3 bed terrace valued at £430,000
Value of Loan – £322,500
Details and Difficulties
Time Taken from Submission to Completion – 5 months but some delays were due to vendor
Difficulties Overcome – 4 applicants in a limited company with two having no experience. The experienced applicants had income below £25,000.
Exit Strategy – sale of property
Anything else that makes the case stand out/unusual/exciting – First case for a new AR, not all lenders are comfortable when clients are purchasing houses that are adjoining their own/other properties they already own.
Partner Commision
Gross Fees Generated – £2607.50
Lender – Precise Mortgages
Any Subsequent Fees/Opportunities as a result – Clients are portfolio landlords so may make further purchases
