Castle Trust lends £5.4m for BTL portfolio




Castle Trust Bank has worked together with Specialist Hub to provide a £5.4m, five-year fixed-rate loan, secured against a portfolio of 19 BTL properties in London with an aggregated value of £9.3m.

The Israeli and UK borrowers, who are currently living in Israel, required the funds to refinance the entire portfolio of tenanted properties.

Despite a number of legal issues associated with the case, the application was able to proceed quickly thanks to the use of a bespoke title insurance policy obtained by solicitor Paris Smith through Westcor International.

Tony Sutton, managing director at Specialist Hub, said: “This was without a doubt the most difficult case I have ever dealt with in almost 40 years, with multiple issues, including five mortgages still registered that were repaid over 15 years ago and a lease that had not been applied for going back to 2006.

“We needed a lender and a solicitor that understand complex transactions — fortunately with Castle Trust Bank and Paris Smith, we got both.”

Barry Searle, managing director of property at Castle Trust Bank, added: “BTL portfolio loans are rarely straightforward, but this case was particularly complex, with a number of issues across multiple properties.

“At Castle Trust Bank, we pride ourselves in delivering straightforward solutions to complex problems, and we worked with Tony Sutton at Specialist Hub and solicitors Paris Smith to come up with a bespoke title insurance policy that addressed all of the legal concerns.

“Using title insurance in this way meant that we were able to progress the case quickly and easily, delivering the client the certainty of a five-year fixed rate on our TermTen product."

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