Castle Trust Bank has completed a portfolio loan secured on 19 buy-to-let properties in London, with an aggregated value of £9.3m.
The lender worked with broker, Specialist Hub, to find a solution for a client who wanted to refinance their existing portfolio of 19 buy-to-let properties in London, all of which were tenanted, each with single family units.
The borrowers were an Israeli and a UK national, both of whom have previously resided in the UK, but are currently living in Israel. There were a number of complicated legal issues associated with the case, but the application was able to proceed with the use of a bespoke Title Insurance Policy obtained by solicitor Paris Smith through Westcor International.
The solution was a £5.4m TermTen loan with a five-year fixed rate, secured against the portfolio of 19 properties, which was valued at £9.3m.
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 understands complex transactions, fortunately with Castle Trust Bank and Paris Smith, we got both. This was a fabulous effort from a lender and a solicitor.”
Barry Searle (pictured), managing director of Property at Castle Trust Bank, added: “buy-to-let portfolio loans are rarely straightforward, but this case was particularly complex, with a number of issues across multiple properties. Fortunately, 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.”
