Y3S has completed the first buy-to-let secured loan for Shawbrook, just 18 days after the bank launched the product on 8 April.
The loan was for £40,000 for a landlady in Wimborne, Dorset who was looking to withdraw equity on one her properties for consolidation of unsecured debts. She was unable to remortgage as she was in a tie-in period with her current mortgage company and would have had to pay an excessive redemption penalty.
Following an introduction to Y3S by her broker, the application process took five days from start to finish.
“Although still very much a niche product, buy to let secured loans are becoming an increasingly popular way for landlords to raise money on their property portfolios without disturbing their current mortgage arrangements,” said Y3S director Matt Cottle.
“The Shawbrook product offers a market-leading rate making it the natural choice for this particular client.
“In the coming days, we will provide the right tools to help all our brokers contact all of their landlord clients and make them aware of this new opportunity.”
Maeve Ward, head of sales at Shawbrook Bank, added: “We are thrilled that our new buy to let secured loan product has been an overnight success. This deal is a perfect example of how a secured loan can provide an alternative option to remortgaging for clients looking to raise finance.
“The expert packaging and presentation of the deal [by Jamie Beattie, a senior broker manager at Y3S] ensured that this deal was completed in record time and we look forward to working with Y3S again on our next case.”
Y3S also recently completed Prestige Finance’s first and second case since its relaunch, Masthaven’s first Scottish case and Shawbrook’s largest ever secured loan advance at £339,000.
