Objective
We were tasked with assisting this Nigerian national, residing in the UK with limited time remaining on their visa, to fulfil their aspiration of becoming a first-time landlord by acquiring a portfolio of properties through a UK SPV.
Obstacle
Challenges arose for the introducing broker due to the client’s visa nearing expiration with only 11 months remaining, couples with their lack of prior landlord experience. These factors posed barriers to traditional lenders, who typically require a minimum of 12 months validity on the visa at the time of application, and at least 1 years previous BTL experience.
Outcome
Brightstar secured a single loan facility covering all four properties within the portfolio, leveraging a 5-year fixed product to obtain the full 75% LTV at 7.29%. While we managed the relationship with the lender, the broker provided the advice to their client and received 50% of the enhanced proc fee.
Subject to status. Product and criteria availability is subject to change or withdrawal at any time. For intermediaries only.
