Specialist bridging lender, Somo, has announced that it has structured a £1,630,000 first charge facility at 65% LTV against a buy-to-let property valued at £2.5m.
Miss A needed a £1.63m refinance to redeem a bridging facility approaching expiry. The original bridge had been used to acquire a substantial buy-to-let property in Hornchurch, and with a redemption figure of £1.826m, timing was critical. There was no capital raise involved, purely a straight refinance, but the client needed to move quickly.
Although Miss A had a clean credit profile with no adverse history, the scale of the loan and a tight deadline meant execution risk had to be carefully managed. The refinance also relied on a contribution of approximately £366,000 from the completed sale of another property, which required clear evidencing and solicitor confirmation ahead of completion.
The facility, a £1,630,000 first charge at 65% LTV, was secured against a buy-to-let property valued at £2.5m. A sizeable transaction with several moving parts, it was fundamentally underpinned by a strong asset and proven rental income.
The deal completed, redeeming the existing bridge ahead of expiry, with Somo clearing the outgoing lender in full and allowing Miss A a smooth transition onto longer-term buy-to-let finance.
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