Pink Pig Loans & Specialist lender Together has delivered an innovative £1.25 million second charge funding facility to a successful buy-to-let investor let down by their traditional mortgage provider.
The experienced buy-to-let investor needed to raise between £1 million to £1.25 million to clear a second charge loan of £600,000 and purchase a new property to add to their buy-to-let portfolio.
Working in partnership with secured loan expert, Pink Pig Loans, Together was able to take a common-sense approach to the funding requirement and deliver a finance solution which met the individual needs of the customer.
The customer had first approached his previous mortgage lender, Coutts, for a further advance but was declined, as the loan requirements didn’t fit the traditional bank’s lending criteria. The entrepreneur had a £4 million buy-to-let property as security, with a current loan-to-value of just 18 per cent.
Together’s specialist, flexible approach meant that it was able to base its decision on affordability and the low loan-to-value, rather than a rigid criteria, and approved the loan subject to valuations and underwriting, with a straightforward completion.
James Rainbird, managing director of Pink Pig Loans, said:
“Working in partnership with Together, we recognised this loan was affordable and sustainable and were able to deliver an effective solution to this successful buy-to-let entrepreneur who otherwise wouldn’t have been able to access the funding he needed to grow. We look forward to providing more of this flexible finance in the future and helping our customers unlock future potential.”
Gary Bailey, sales director at Together, explained:
“At Together we are committed to providing access to much-needed finance through our network of partners and Pink Pig Loans did a great job in providing all the details required for us to assess the case. This allowed us to react quickly and ensured that they could deliver a high quality of service to the client.