CHL Mortgages has completed a £5m portfolio refinance covering 10 buy-to-let properties in Lambeth, southwest London, for a Chelsea-based landlord seeking to repay an expiring bridging loan.
The transaction, introduced by broker Paul Agnew of London Property Finance, required completion within a compressed timeframe due to the imminent expiry of the existing bridging facility. CHL Mortgages assigned a single underwriter to manage the case from start to finish, coordinating valuations and offers simultaneously across the portfolio.
Restructured approach
The case required adjustment after the offer stage when accounting advice prompted the landlord to switch from five-year to two-year fixed-rate products across all applications. This change pushed the client’s exposure beyond initial limits, requiring the lender to restructure its approach.
Lending on one property was capped to remain within exposure limits, allowing the wider portfolio to proceed. Nine of the ten properties completed first to repay the majority of the bridging loan, with the remaining property reviewed and approved subsequently. Search indemnity insurance was used to support completion within the required timeframe.
Portfolio lending landscape
CHL Mortgages, part of the Chetwood Bank group alongside ModaMortgages, provides lending to individual and limited company landlords across standard buy-to-let properties, HMOs, multi-unit freehold blocks, and short-term lets. The transaction comes as property valuations face increased HMRC scrutiny, with lenders required to ensure accurate assessments across portfolio transactions.
The buy-to-let sector continues to operate within a complex regulatory environment, with brokers navigating industry calls for changes to conveyancing referrals and other structural issues affecting transaction timelines.
“I was really impressed with CHL Mortgages’ ability to take a complex, time-sensitive portfolio refinance and keep it moving with clarity and control,” said Agnew. “Even when the case evolved and exposure limits shifted, the team didn’t miss a beat, finding practical solutions, reissuing offers and ensuring the bridging loan was repaid on time.”
Roger Morris, group distribution director at Chetwood Bank for CHL Mortgages and ModaMortgages, said: “This case is a fantastic example of how CHL Mortgages can provide a specialist solution, no matter how large or complex a case. By assigning a dedicated underwriter and working closely with the broker, we were able to structure the lending creatively, manage exposure carefully and deliver the refinance within a tight timeframe.”
Market context
The transaction demonstrates continued activity in the specialist lending market for portfolio landlords, particularly those requiring refinancing solutions for existing debt facilities. The use of bridging finance followed by portfolio refinancing remains a common strategy for landlords acquiring or consolidating multiple properties.
