The client, a professional landlord with a portfolio of more than 70 London properties, was looking to refinance a facility worth £7.4m with Barclays but the bank would not agree to the client’s preference of interest only.
Steve Olejnik, sales director at Mortgages for Business, said: “Having already reached the maximum funding limits with a number of lenders we realised that the best solution for our client was to split the refinance into two tranches.
“First we arranged a facility of £1.8m with Norwich & Peterborough for three of the properties on 3.99% over Bank Rate. We took the remaining five houses to Shawbrook which agreed £5.6m at a rate of 4.75% over LIBOR.”
Mortgages for Business said its primary challenge was to get the facility with Barclays repaid by the two new lenders on the same day.
Stuart Benge, national commercial sales manager at Norwich & Peterborough, said: “This was quite a challenge for us because on the day in question our commercial lending team was due to be off on a corporate day.”
And Emma Cox, senior relationship manager for Shawbrook, said: “The high level of professionalism shown by Mortgages for Business organising this complex deal demonstrates why they are one of our strategic partners.”
