An experienced buy to let mortgage specialist has completed on its largest and most complex loan to date — a £17.35m five-year buy to let facility for PTL Estates.
The Octone Mortgages loan, made at 4.99 per cent with 1.0 per cent interest deferred, required highly complex underwriting as it involved the refinance of no fewer than 40 properties across London, comprising over 160 units. Some of them suffered planning irregularities.
Octane says its legal due diligence process included using title indemnity insurance on a proportion of the portfolio and no searches on most of the other properties owned by the client.
This enabled the transaction to complete in under six weeks from the instruction of lawyers.
Alex Tyrwhitt of Octane Capital says: “It’s always pleasing to complete a transaction of this complexity ahead of the client’s expectations.
“The broker worked tirelessly with the borrower from the offset to ensure we had all the necessary information to move quickly.
“PTL Estates are a professionally run, family-owned business and a pleasure to work with. Lawyers on both sides of the transaction were fantastic.”
This post has originally been featured in Letting Agent Today.