Brokerage completes first deal with WLB

Brokerage completes first deal with WLB



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An independent mortgage broker has completed its first residential investment mortgage with new lender Whiteaway Laidlaw Bank.

Mortgages for Business carried out the deal on behalf of an investor who purchased a freehold property in High Holborn at auction.

The property consisted of four flats valued at £1.2 million, located above a convenience store. The investor sold the shop on the ground floor on a long lease, which cleared the bridging finance that was used to make the initial purchase.

With the four flats which brought in a gross monthly rental of £5,800 the investor was able to raise a further £660,000 with WLB to reduce cash flow and make additional property purchases.

The deal was arranged at a rate of 3.7 per cent over LIBOR for three years on an interest only basis with a lender fee of 1.95 per cent.

Mortgages for Business were extremely impressed with the transaction processes utilised by Whiteaway Laidlaw Bank.

Steve Olejnik, head of sales at Mortgages for Business, said: “Their expertise and efficiency completed the deal in just 21 working days. It is refreshing to be working with professionals that have an appetite to lend and deliver an excellent service. The legal process in particular was second to none.”

Stephen Johnson, new business director at Whiteaway Laidlaw bank said: “It is great to have made such a fast start, although we have only just begun our journey and are committed to delivering a level of service that will provide our partners with a competitive advantage in the market. We are grateful for the support we have received from our partners’ and will continue to work with them to achieve the right blend of volume and quality.

“Certainly, the first client Mortgages for Business brought to the table fits our profile perfectly. As most commercial banks continue their move away from property based lending to relationship only funding, we are proud to be swimming against this tide and providing credit to good quality owner occupied businesses and property investors.”

 

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