A landlord successfully remortgaged a semi-commercial property with Redwood Bank’s support.
- Redwood Bank provided a competitive residential investment mortgage after initial hurdles.
- The property in question features two flats above a convenience store, necessitating a bespoke solution.
- Coreco Specialist Finance brokered the deal with Redwood Bank for favourable terms.
- Redwood’s manual underwriting allowed the agreement on a unique combination of tenancy types.
The landlord faced challenges in securing a competitive rate for remortgaging a semi-commercial property. Through collaboration with Coreco Specialist Finance, Redwood Bank was able to extend a suitable residential investment mortgage. The mixed-use property, comprising residential flats and a commercial unit, required a more specialised refinancing approach.
Coreco approached Redwood Bank to explore available options for their client. Peter Davies of Coreco Specialist Finance emphasised the need for a lender experienced in semi-commercial deals. He stated, “My colleague recommended Redwood to me as a specialist lender for semi-commercial deals.” This partnership was crucial in identifying a solution tailored to the unique requirements of the property.
Redwood Bank’s manual underwriting process played a pivotal role in overcoming the complexities involved. The underwriting team meticulously reviewed the lease agreements alongside the rental income streams. This thorough evaluation enabled them to propose terms for a residential investment mortgage – a product that met the client’s needs effectively.
The bank offered a competitive interest rate on a five-year fixed term, with an interest-only mortgage lasting 29 years. This arrangement allowed the landlord to free up capital, which could be reinvested elsewhere. Mark Dobson from Redwood highlighted their consistent support for semi-commercial deals, reinforcing their strategy to maximise landlords’ affordability.
Redwood’s ability to work efficiently with Coreco ensured the remortgage process was completed within the client’s stipulated timeframe. Dobson remarked on the collaborative success, “It was great to work with Peter and the team to see this case through to completion within the timescales as dictated by the customer.”
Redwood Bank’s strategic underwriting and collaboration with Coreco facilitated a bespoke refinancing solution for a complex property portfolio, demonstrating their expertise.
