Funding 365 completes 75% LTV £2 million loan with Black Book Finance
Funding 365 has this week completed a large portfolio refinance brokered by Black Book Finance.
The tailored loan was to enable the borrower to restructure the debt across their seven properties – including an HMO – in Bristol.
Alongside restructuring the current debt, the borrower also needed to release cash to purchase another BTL property to add to their portfolio.
As their properties had strong rental yields Funding 365 was able to offer 75% LTV – just what the borrower required to cover the refinance and cash raise.
The loan is under Funding 365’s Flexible 3 Year product, which enables each borrower to have a fully bespoke funding solution including a pay rate which is tailored to suit the rental income of their portfolio.
With England’s second lockdown, the client was unable to visit their solicitors’ office to sign the loan documents, so Funding 365 and the lawyers agreed to use video call and Thirdfort technology to enable KYC and AML checks to be carried out within a phone app.
Funding 365 Underwriter, Harry Dick-Cleland, pictured, comments:
“For more complex, bespoke loans with multiple property transactions it’s essential that lender and intermediary work smoothly together.
It was a pleasure to work with Michael, Sarah and David at Black Book Finance on this deal.
Their responsiveness and attention to detail was superb. Credit must also go to ABG and JMW whose cohesive work helped get this deal across the line.”
Michael Clapper, CEO at Black Book Finance said:
“These days no case seems to be straightforward, which is why lender selection has become more crucial to us than ever.
The team at Funding 365 are all so attentive, and so commercially minded, that even the most complex of scenarios are confronted swiftly and head on, to try and find workable solutions for all parties.
Funding 365 has been one of the stand-out bridge lenders for us over the past 12 months, and this latest completion is a perfect example as to why.”