Rely has completed a £2.1m long-term buy-to-let refinance just weeks before a development facility was due to expire, stepping in after another lender was unable to proceed.
The case involved a newly built, exclusive gated development of four high-end rental homes held under a single title, forming a newly created investment portfolio.
With only nine weeks remaining before the expiry of the development finance facility, the client approached Carbon Funding Consultants to source a lender capable of refinancing the scheme onto a long-term buy-to-let structure.
Rely confirmed the case met policy and worked with the broker to complete the refinance over the festive period, finalising the deal a full working week ahead of the deadline and avoiding additional development loan fees.
IN-HOUSE EXPERTISE
Adrian Moloney (main picture), group lending distribution director at OSB Group, says: “This is a great example of how Rely can support a wide range of buy-to-let scenarios.
“Jade and Nathan did a fantastic job to turn the case around within a tight time frame, and it really showcases the value of our in-house expertise. The development itself represents a high-quality addition to the rental market and highlights the true capabilities of Rely.”
REWARDING CASE
Jade Martell, mortgage broker at Carbon FC, adds: “This was a rewarding case and a great demonstration of what Rely can deliver.
“With only nine weeks before the development loan expired (and over the Christmas period) it completed in just eight weeks, comfortably ahead of schedule.
“This wasn’t a simple AVM-led case either; it required a long form valuation, making the outcome even more impressive.”
