We were approached by a broker whose client was looking to purchase four flats above a pub.
The client had originally purchased the freehold to the property via his trading limited company. Keeping the commercial element within the trading company the client then converted the first floor into four self-contained flats.
His broker approached Keystone looking to source buy to let finance for the newly converted four flats to be purchased by their subsidiary SPV and creating separate leases on completion.
Keystone accepted the case and were able to offer the client a 65% loan to value on the below terms.
✔ Subsidiary SPV purchase
✔ Flat above commercial – pub element
✔ Freeholder and leaseholder relationship
✔ Portfolio lending up to £2m
✔ Broker Procuration fee: 0.7% of the loan advanced