Rely has completed a £2.4m remortgage secured against a 55-unit residential block in Northumberland.

The multi-unit freehold block, which is held on a single freehold, was valued at £3.2m after being fully refurbished.

The borrower, an experienced portfolio landlord and longstanding customer of OSB Group brands, sought to refinance the property following the completion of the works.

Pure Funding Solutions introduced the case, with its director Adam Lane working alongside Nathan Chand, business development manager at Rely, to establish the lender’s appetite for a transaction of this size.

The early discussions covered lending criteria, the valuation approach and operational requirements, as well as the handling of the application through Rely’s new lending platform.

Rely said the application required little additional information after submission. The lender and broker remained in regular contact while awaiting the valuation.

RIGHT OUTCOME

Jon Hall (main picture), chief commercial officer at Rely, said: “This was a strong example of how early conversations between broker and lender can help shape the right outcome for the client. Larger MUFBs can bring added complexity, so clarity around criteria, valuation and process is important from the outset.

“Working closely with the broker, we were able to keep the case moving and provide the support needed to complete the remortgage.”

Lane added: “From the outset, it was clear Rely had the appetite to support a deal of this size.

“The new lending platform did a lot of the heavy lifting from our side, which made the process feel straightforward, and the level of communication throughout meant we always knew where things stood, which made a real difference in delivering for our client.”