Raphael Benggio, team leader of short-term lending at Masthaven, received a case from its packager partner Y3S which needed help for one of its clients who wanted to secure a Bridging Plus loan.
The client was raising funds against three of their BTL properties, as well as the purchase property, in order to buy a new main residence.
The client required a £2.2m loan against the four properties and, additionally, the purchase property needed a lot of repair work which the client intended to complete themselves.
“Assessing the case as a whole, meant we were able to evaluate the customer’s cashflow and knew they would be able undertake the repair work on the purchase property as anticipated,” said Raphael.
“As a professional landlord, the customer was commercially astute and understood the complexities of the case which made it easier when explaining the case required a bit of ‘thinking outside the box’.
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“After a series of assessments and taking into consideration the client’s property portfolio in its entirety, we could see the customer would be able to make up any shortfalls they may encounter, and it painted a picture we were comfortable with.”
Masthaven was able to complete the loan in sufficient time and provide the funding at 54% LTV on a 12-month term.
“I cannot thank Masthaven enough for all of [its] hard work on what was admittedly a very complex case,” said the borrower.
“I appreciate the whole team’s support – particularly Raphael’s open mindedness throughout the process – and we are so happy to have secured our dream property.”
Wayne Jones, senior broker manager at Y3S, added: “I can’t thank Raphael and the team at Masthaven enough, the process was very smooth and I have had a lot of dealings with Masthaven while working at Y3S and I’ll continue to use them in future.”