Together delivers £350,000 bridging loan in 18 hours for landlord refurb project

Together and broker Channel Finance Group have completed a £350,000 second-charge bridging loan allowing a portfolio landlord couple to refurbish their rental properties.

The landlords decided to carry out refurbishments on their 40-property portfolio after a series of tenancies ended to add value to the properties, future-proof against EPC changes, and increase the rental income generated.

Together provided a bridging loan in 18 hours, from submission to completion, secured at 43% LTV against the couple’s five-bed terrace home in Glasgow.

Martin Bloe, regional account manager for Scotland at Together (pictured above), commented: “This case highlights how experienced portfolio landlords throughout the UK are still very much invested in the BTL market, with Scotland delivering significant yields.

“They need to be supported with finance that moves at the speed they need, with minimal fuss, and can be delivered with confidence.”

Carlos Velasquez, specialist finance and bridging manager at Channel Finance, said he was “impressed” by the speed of the transaction.

He said: “A case like this would normally take a minimum of seven to 10 days to complete and would usually need a full valuation.

“The Together team saw that this was a relatively simple case and were able to move at a much quicker pace, collaborating and communicating with us throughout.

“Being able to use the same solicitors, Scottish legal experts Wilson McKendrick, for both sides of the transaction also helped with the speed and ease of the process.”

Alongside dual legal representation, Together used an AVM valuation, with approval for the approach provided by underwriting within one hour, helping facilitate the 18-hour completion.

The clients now have an agreement in principle to remortgage onto a residential mortgage within three to six months, after self-funded improvements to their home are complete.

This will allow them to exit the interest-only bridging loan well within the 12-month term.

The couple are also looking to add more properties to their expanding portfolio, with funding for three new purchases already requested since the completion of the bridging loan.