Mortgage lender Zephyr Homeloans has funded a £13m portfolio landlord refinance, one of the largest to date for the company.
The lender said that the landlord borrowed the sum to take 58 properties in the south east of England out of a limited partnership and incorporate them into a limited company.
The loan was provided at 65% LTV for five years.
Paul Fryers, managing director at Zephyr Homeloans, said: “This deal underlines our expertise in managing simultaneous, complex mortgage applications and meeting challenging deadlines.
“Our high levels of commitment to the project included visiting the broker and landlord customer in person, providing a single underwriter for the cases, as well as twice-daily calls between all parties, including the conveyancer.
“We’re working increasingly closely with brokers such as Mortgages for Business, who have an acute understanding of BTL portfolio landlords, in order to support customers wishing to arrange complex deals.”
Zephyr worked with specialist broker Mortgages for Business to create bespoke terms for the deal, which exceeded usual maximum lending limits, ensuring that offers were made on every property within 18 days of the landlord’s application – and that all properties completed on the same day.
Gavin Richardson, managing director at Mortgages for Business, said: “Having access to key decision-makers inside Zephyr Homeloans gave us the confidence that, along with our expertise and experience in these types of transactions, a refinancing deal of this size would go smoothly and according to the client’s timeframe and specifications.
“We chose to work with Zephyr amongst the other options we considered for this deal, such as high street banks, because we knew they’d have the appetite and drive to complete in the strict timeframes as well as the ability to fund the whole portfolio, which was an important consideration for the customer.
“Zephyr, Mortgage for Business, and the key stakeholders kept the deal moving by a mixture of collaborative working, regular constructive meetings, an open dialogue, some incredibly hard work, plus a desire to deliver a great out for the client, and it’s highly impressive that we were able to complete all 58 cases from application to completion within three months.”