Roma Finance has successfully completed a £1.3 million buy-to-let refinance within a remarkable six-day timeframe. This swift transaction was essential for the borrowers, who needed to refinance an existing development exit loan to avoid significant penalty charges.
What was the nature of the buy-to-let refinance?
The refinancing involved an 11-bed multi-unit freehold block in Bedford, previously a family-owned doctor’s surgery, which has been converted into residential units. Additionally, the refinancing encompassed a detached single-family home that is currently let under an assured shorthold tenancy. This consolidation of borrowing across both properties under a new buy-to-let structure allowed the borrowers to streamline their financial commitments.
How did Roma Finance expedite the buy-to-let process?
Roma Finance attributed the quick turnaround to the borrowers’ strong asset-backed position and moderate use, coupled with a well-defined refinance exit strategy. An automated valuation model facilitated the underwriting process, enabling Roma to deliver a solution in a time-sensitive scenario. Senior underwriter Adam Evans noted that the team’s experience and capability were important in navigating high-pressure transactions.
What does this mean for landlords and brokers?
This case serves as a reminder of the advantages of having a solid asset-backed position when seeking buy-to-let refinancing. For landlords, it illustrates the potential for swift financial solutions, particularly when working with lenders who understand the urgency of their needs. Brokers can take note of the importance of clear communication and thorough case preparation, as these factors significantly enhance the chances of a successful, rapid refinancing outcome.
Frequently asked questions
What is a buy-to-let refinance?
A buy-to-let refinance involves replacing an existing mortgage on a rental property with a new loan, often to secure better rates or consolidate debt.
How can I expedite my refinancing process?
To expedite refinancing, ensure you have a strong asset-backed position, a clear exit strategy, and work with lenders who prioritize quick and efficient processing.