HMO Mortgage for LLP to Secure Buy to Let in Swansea
The Scenario
We were approached by an LLP (Limited Liability Partnership) consisting of 4 people, who’d previously purchased an HMO using a bridging loan, and now needed to refinance.
They had used bridging finance to secure the property because it was uninhabitable at the time, and therefore unmortgageable. However, they’d since invested £50k of their bridging funds into renovating the property, and would shortly be getting tenants in.
So, needless to say our clients were keen to refinance onto a buy to let mortgage as soon as possible.
They needed a mortgage of £300k for the £400k property, however, their options were limited because:
- Not all lenders accept LLP applicants
- Not all lenders are happy with refinancing a bridging loan (it’s seen as higher risk)
- Especially if a part of that bridging loan has been used for renovation costs
- And they didn’t have any tenants in yet, so wanted to use rental estimates for affordability
The Solution
Our client had spoken to estate agents to get a good idea of the potential rental value for the HMO, and we were able to put these to a specialist buy to let mortgage lender.
Despite the challenges of securing an HMO mortgage as an LLP, it’s entirely possible if you speak to a specialist broker with the right market knowledge and industry connections. Unfortunately, if you go it alone, you’re likely to hit roadblock after roadblock, because specialist lenders in this market are difficult to find – in fact, some of them only accept applications through brokers.
Simon Mullins
Finance Broker CeMAP
Cardiff
0117 959 5094
Are you looking for a similar type of property finance?
As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.
Paige Dumpleton
Finance Broker CeMAP
Cardiff
0117 959 5094
Are you looking for a similar type of property finance?
As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.
Max Mallinson
Finance Broker CeMAP
Cardiff
0117 332 5977
Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.
Book a free telephone consultation with me at a time to suit you.
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Bristol
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Scott Dutfield
Finance Broker
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Bristol
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Nick Kerley
Finance Broker
Cardiff
0117 959 5094
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As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.
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Mathew Phillips
Senior Finance Broker
Bristol
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Bristol
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