Rely, a specialist buy-to-let lender, has completed a £2.1 million refinancing for a gated development comprising four rental properties held under a single title, working with mortgage broker Carbon Funding Consultants.
The transaction was arranged after another lender withdrew due to policy restrictions, leaving the client with nine weeks to secure alternative funding before their development finance facility expired.
Timeline and structure
Jade Martell, mortgage broker at Carbon FC, contacted Nathan Chand, business development manager at Rely, to assess whether the case met lending criteria. The firms completed the refinancing in eight weeks, one week ahead of the deadline.
The transaction required several operational considerations: refinancing a newly completed development held under a single title, processing during the Christmas period, and arranging a full valuation rather than using an automated valuation model.
According to Adrian Moloney, group lending distribution director at OSB Group, the development represents an addition to the rental market. Martell noted that the compressed timeline added complexity to the case, particularly given the requirement for a long-form valuation.
Market context
The case demonstrates the refinancing options available for newly built rental portfolios when initial lenders withdraw. The completion enabled the borrower to transition from short-term development finance to long-term buy-to-let funding.
The early completion allowed the client to avoid additional development loan fees and establish stable financing for the investment portfolio.
