Zephyr Homeloans has announced that it has funded a £13m portfolio landlord refinance in one of the largest deals to date for the company.
The specialist buy-to-let (BTL) mortgage provider confirmed that it provided the loan at 65% LTV for five years.
Zephyr revealed that as part of the deal, the landlord borrowed the sum to take 58 properties in the south east of England out of a limited partnership, and incorporate them into a limited company.
The lender added that it worked with specialist broker, Mortgages for Business, to create bespoke terms for the deal, which exceeded usual maximum lending limits, ensuring that offers were made on every property within 18 days of the landlord’s application – and that all properties completed on the same day.
Zephyr managing director, Paul Fryers, commented: “This deal underlines our expertise in managing simultaneous, complex mortgage applications and meeting challenging deadlines.
“Our high levels of commitment to the project included visiting the broker and landlord customer in person, providing a single underwriter for the cases, as well as twice-daily calls between all parties, including the conveyancer.
“We’re working increasingly closely with brokers such as Mortgages for Business, who have an acute understanding of BTL portfolio landlords, in order to support customers wishing to arrange complex deals.”
Managing director at Mortgages for Business, Gavin Richardson, added: “Having access to key decision-makers inside Zephyr gave us the confidence that, along with our expertise and experience in these types of transactions, a refinancing deal of this size would go smoothly and according to the client’s timeframe and specifications.
“Zephyr, Mortgage for Business, and the key stakeholders kept the deal moving by a mixture of collaborative working, regular constructive meetings, an open dialogue, some incredibly hard work, plus a desire to deliver a great out for the client, and it’s highly impressive that we were able to complete all 58 cases from application to completion within three months.”
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