Mr C – Newhaven
- Development & Bridging
Our client had become an “accidental landlord” after his father had suffered a stroke. Our client had had to become his full-time carer with his father residing at the client’s rented accommodation. Our client decided that it would be beneficial for both to purchase his father’s property and care for him there as it was more suitable for their needs. As our client was not an experienced “landlord” and was a non-homeowner at that point, traditional lenders would not let our client take a BTL mortgage. With the help of a commercial bridging loan through our client’s Limited company name, we were able to raise the capital the client needed to clear the existing mortgage. A BTL commercial mortgage allowed the client to show 12 month’s rental income on the property to satisfy Lender criteria upon the 12 month exit plan.