Completion this week: A developer who had arranged the original finance through our partner wanted to refinance from the bridge onto a BTL term loan.
The deal was for three linked properties, with a total loan of £810,000. With proc fee from our partners Shawbrook and a generous FSA fee, there was a total of £22,092 fee income.
This month we have also refinanced a BTL property through our regulated route with Virgin Money.
With three applicants and the property being adjacent to the family home, the lender was able to get comfortable that the tenants were not related and agreed to lend £239,000.
The total fee income for this case was £1570.50 and was the AR’s first case over the line.
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