Peritus negotiated a facility which allowed the borrower to switch the properties from their sole name into a limited company in the future, without any additional fees or underwriting.
In agreeing this position, the client could switch ownership to ensure the portfolio was as tax efficient as possible.
The brokerage secured a facility of £5.45m from a challenger bank, at 65% LTV with a fixed rate.
This allowed the client to realise capital from the portfolio and to repay more expensive debt.
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Jake Baker, director at Peritus, said: “This was a challenging case to complete in a challenging market.”
He stated that the impact of Covid-19 made valuations difficult, but the lender agreed to look at a sample of properties which saved both time and money for the borrower.
“We are so grateful to Peritus in driving our application over the line in a highly challenging market,” the borrower commented.
“Its expertise and market relationships came to the fore and we look forward to working with them going forwards.”
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