The case had a number of complicated legal issues
Castle Trust Bank has completed a complex portfolio loan secured on 19 buy-to-let properties with an aggregated value of £9.3 million.
The specialist buy-to-let and bridging lender worked with broker, Specialist Hub, to find a solution for a client who wanted to refinance their existing portfolio of 19 buy-to-let properties in London, all of which were tenanted, each with single family units.
The borrowers were an Israeli and a UK national, both of whom have previously resided in the UK, but are currently living in Israel. There were several complicated legal issues associated with the case, but the application was able to proceed quickly and easily with the use of a bespoke Title Insurance Policy obtained by solicitor Paris Smith through Westcor International.
The solution was a £5.4 million TermTen loan with a five-year fixed rate secured against the portfolio of 19 properties, which was valued at £9.3 million.
“This was without a doubt the most difficult case I have ever dealt with in almost 40 years, with multiple issues including five mortgages still registered that were repaid over 15 years ago and a lease that had not been applied for going back to 2006,” Tony Sutton, managing director at Specialist Hub, said.
“We needed a lender and a solicitor that understands complex transactions, fortunately with Castle Trust Bank and Paris Smith, we got both.”
Barry Searle (pictured), managing director of property at Castle Trust Bank, agreed that the case was particularly complex, with a number of issues across multiple properties.
“Fortunately, at Castle Trust Bank, we pride ourselves in delivering straightforward solutions to complex problems, and we worked with Tony Sutton at Specialist Hub and solicitors Paris Smith to come up with a bespoke title insurance policy that addressed all of the legal concerns,” Searle said.
“Using title insurance in this way meant that we were able to progress the case quickly and easily, delivering the client the certainty of a five-year fixed rate on our TermTen product.”
