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Relationship brings new HMO customer to Redwood

THE SITUATION

Simanda Homes Limited owns a six-bed HMO that it lets to a care provider as a home for vulnerable, young adults with learning difficulties. The £600,000 large semi-detached property is a stone’s throw from Heathrow Airport. The directors, Simon and Amanda Staton wanted to transfer it from their individual names into a legal business entity and required funding to purchase the property under the new ownership and repay the existing debt.

Over the years, Ian had nurtured a strong working relationship with broker Nick Roberts, from Bluechip Financial. As Nick was already aware of Redwood’s willingness to support HMOs, it made perfect sense to get in touch with Ian.

THE SOLUTION

The terms offered by Redwood on a £306,000 loan (with an LTV of 51 per cent) suited the customer’s needs. An offer was made in just two weeks with a smooth conclusion to the deal. The customer, who was new to Redwood, and broker were happy with the outcome and the service they had received.

THE EXPERIENCE

Ian said: “This deal demonstrates the importance of good relationships with brokers. Nick and I had worked together before, but it was the first time he had approached me at Redwood. He was aware of how we can support HMOs and we were able to find the right deal for him and his customer.”

Nick said: “We were presented with a slightly complex situation from a long-standing client of Bluechip, the facility requirements included an incorporation and a lease not an AST.  Redwood understood what we were trying to achieve and delivered on their promises, a good experience all round.”

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