PURCHASE OF NINE HOUSES ON ONE FREEHOLD TITLE
11.08.23Date: 3rd August 2023
Broker: Peter Davies
Loan amount: £1.893m
Structure: Ltd Company
Asset Class: Residential
Coreco specialist were contacted to assist with the purchase of 9 nine houses on one freehold title for £2.37m via clients limited company
The properties were let out, some on ASTs and a number on a lease to a local letting agent which in turn were sublet so vacant possession on completion was not possible.
Coreco successfully secured an 80% loan to value net borrowing to provide maximum day-one borrowing to leave the clients with funds to carry out the full refurbishment programme of works
The term of the loan was 15 months to provide time for the refurbishment of each house and the creation of a gated mews-style development.
The exit for this will be to refinance the initial facility onto a term buy-to-let mortgage to enable the properties to be added to the client’s existing portfolio with no exit fee on the initial short-term loan.
Written by Savannah Dewhirst
Savannah joined Coreco in 2020, where she became part of the Client Services Team. After a year of Client Services, Savannah expressed an interest in Social Media and wanted to transform Coreco’ s socials. Savannah then became Coreco's Social Media Queen and fulfilled the role until most recently becoming Marketing Executive. Savannah also won Best Use of Social Media Award in the 2022 Mortgage Industry Marketing Awards!
Read more posts by Savannah