Portfolio BTL: Helping future-proof a family business
When a sister and brother duo needed a lender to help with their portfolio, we worked our magic.
"A desire to pull together by everyone involved proved a ‘winning formula’. Thank you once again!"
How we supported our customer
In these challenging times lenders need to do all they can to support family run businesses. That’s exactly what Relationship Director Jennie Guy and teams across YBS Commercial Mortgages did for a sister and brother duo, who’d fully taken on the family business following the passing of their father.
The siblings are the main shareholders in a large portfolio made up of 23 properties, 6 unencumbered and a further 17 of which they were looking to raise some capital against and move to a limited company set up. The 17 properties are made up of 12 in a block of flats, 4 Buy to Let houses and 1 single flat all let by AST (Assured Shorthold Tenancy).
Getting the deal over the line took some considerable team effort. Complications with organising the new structure, some issues highlighted within the valuation reports and a change to one of the securities from leasehold to freehold all played a part in making things a little tricky. But everyone involved including Credit and Completions, and the support of a really helpful client all pulled together to get a great outcome.
The broker's view
The broker, Neil McDonagh ACIB, Director of HCF Commercial Finance was really impressed with the teamwork involved:"There were many hurdles to overcome on both sides but at no time did they seem insurmountable and a desire to pull together by everyone involved proved a ‘winning formula’. Thank you once again!"
The deal
Loan amount: £3,276,000
Portfolio of 17 BTL properties
Located in Cardiff
Loan term: 10 years
5-year fixed
Loan to value 65%
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Portfolio BTL: Helping future-proof a family business
Helping a sister and brother duo restructure their large portfolio.