The scenario
The customer, had purchased 2 properties on the same street. The purchase was made using short term finance (Bridging).The properties were then renovated and converted to houses of multiple occupancy (HMO).
The problem
The customer needed to refinance the properties onto traditional buy-to-let mortgages to settle the short term finance arrangement. Short term finance was timebound and completion needed to happen as quickly as possible.Also many lenders have exposure limits and the LTV was high at 75%.
How we solved it
GPS Finance arranged to refinance the property with lower interest rate, with consideration for the customers’ future plans & houses of multiple occupancy (HMO).
