CHL Mortgages completes £5m portfolio refinance to repay bridging loan

Specialist lender CHL Mortgages has successfully completed a £5 million portfolio refinance for an experienced landlord based in Chelsea, London.

CHL Mortgages, which is part of the Chetwood Bank group along with fellow lender ModaMortgages, provides borrowing solutions to individual and limited company landlords, covering standard buy-to-let properties, HMOs, MUFBs and short-term lets.

In this case, the CHL Mortgages’ team received an enquiry from a broker acting on behalf of a portfolio landlord seeking to refinance 10 properties located in Lambeth, southwest London, to repay an existing bridging loan.

With the bridging facility rapidly approaching the end of its term, the refinancing facility was needed quickly.

Following an initial assessment, the case was identified as a strong fit for CHL Mortgages’ criteria and expertise, particularly due to its experience in working on more complex buy-to-let cases and with portfolio landlords.

To ensure continuity and speed, CHL Mortgages assigned a single underwriter to manage the case from start to finish.

Working closely with its sales team and the broker, the underwriter coordinated the assessment and valuation process so that offers could be issued simultaneously.

Lending on one of the properties was capped to remain within exposure parameters, allowing the wider portfolio to proceed.

Following offer, several last-minute changes were required following accounting advice, including changing all the applications from five-year fixed-rate products to two-year fixed rates, which increased the client’s exposure beyond the initial limits.

In response, CHL Mortgages completed nine of the cases to pay down the majority of the bridging loan, with the remaining case reviewed and subsequently approved, enabling the full refinance strategy to complete successfully.

As the applications met CHL Mortgages’ criteria, the lender was able to proceed using search indemnity insurance, further supporting a swift completion and ensuring the client met their obligations to the bridging lender.

Broker Paul Agnew from London Property Finance, who placed the case with help from business development manager Shannon O’Malley, said: 

“I was really impressed with CHL Mortgages’ ability to take a complex, time-sensitive portfolio refinance and keep it moving with clarity and control.

Shannon supported me from start to finish and kept me updated throughout.

Even when the case evolved and exposure limits shifted, the team didn’t miss a beat, finding practical solutions, reissuing offers and ensuring the bridging loan was repaid on time.

Their expertise in portfolio and specialist lending genuinely shone through and gave me and my client real confidence at every stage.”

Roger Morris, group distribution director at Chetwood Bank for CHL Mortgages and ModaMortgages, said: 

“This case is a fantastic example of how CHL Mortgages can provide a specialist solution, no matter how large or complex a case.

By assigning a dedicated underwriter and working closely with the broker, we were able to structure the lending creatively, manage exposure carefully and deliver the refinance within a tight timeframe.

I’m really proud of the team for finding a way to make the deal happen.

It’s a great example of our commitment to doing all we can to help brokers place their complex cases in a speedy manner.”

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