Quick turnaround and creative solution on £5 million portfolio refinancing case

The background

An experienced portfolio landlord was looking to refinance 10 properties to repay an existing bridging loan.

The problem

With the existing bridging loan rapidly coming to the end of its term, time was of the essence, with tight deadlines for the applications to be reviewed, offered and completed.

Furthermore, the overall gross lending was more than £5 million, exceeding our exposure limits.

The solution

Thanks to our experience with handling complex cases, we assigned a single underwriter to ensure continuity throughout the process.

With our ability to process cases quickly, we were able to review the loans required and work out a plan to ensure the applications were assessed, valued and offered at the same time, keeping within the bank’s exposure levels by capping lending on one of the loans. This could only be achieved by the underwriting and sales teams working closely together with the broker to ensure they were kept up-to-date with progress.

After the cases were offered, we worked with the broker on a few last-minute changes which took the client’s exposure level over our limits. To support the client, nine of the cases were completed to pay down the majority of the bridging loan, with the outstanding case considered and accepted by our senior management team.

By being able to offer a creative and flexible solution, we achieved a swift completion. As the applications met our criteria, we could proceed with the search indemnity insurance, and the client was able to meet their obligations with their bridging lender.