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Shawbrook Bank Completes £11.5m BTL Mortgage on 18 HMO Properties

Shawbrook Bank, working closely with Strategic Partner Coreco Commercial, has supported a customer with an £11.5m buy-to-let mortgage to refinance and capital raise against a portfolio of 18 HMO properties across London. The complex deal completed on Christmas Eve, just six weeks after the application was submitted.

Coreco Commercial approached the specialist bank on behalf of its client – a professional landlord and property developer – seeking funds to refinance a large HMO portfolio charged across various lenders, as well as raise additional funds to repay other shareholders in its company.

The application was submitted via the bank’s digital application portal, MyShawbrook Buy-to-Let, which integrates with third parties such as Companies House and Hometrack to automatically populate company and property information, saving time during the application process. Several properties then qualified for automated property valuations (AVMs), speeding up the journey further.

Shawbrook offered Coreco’s client an £11.5m buy-to-let mortgage at 75% LTV on a 10-year interest-only term. The funds enabled them to simplify both the finance against their portfolio and the company structure, streamlining down to just two 50/50 shareholders.

Julian Ingall, director at Coreco Commercial, comments: “The teamwork on this case was impressive and crucial to the successful outcome. A transaction of this kind and size always comes with twists and turns but despite this and the busy time of year, the team guided this through in just over 5 weeks. The client was delighted by this incredible turnaround.”