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.

The solution

To ensure continuity and speed, we assigned a single underwriter to manage the case from start to finish. Working closely with our sales team and the broker, the underwriter coordinated the assessment and valuation process so that offers could be issued simultaneously. Lending on one of the properties was capped to remain within exposure parameters, allowing the wider portfolio to proceed.

Following offer, several last-minute changes were required following accounting advice, including changing all the applications from five-year fixed-rate products to two-year fixed rates, which increased the client’s exposure beyond the initial limits. In response, we completed nine of the cases to pay down the majority of the bridging loan, with the remaining case reviewed and subsequently approved, enabling the full refinance strategy to complete successfully.

As the applications met our criteria, we were able to proceed using search indemnity insurance, further supporting a swift completion and ensuring the client met their obligations to the bridging lender.