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simon allen

Established Member
  • Content Count

    365
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About simon allen

  • Rank
    Super-member

Contact Methods

  • Website URL
    http://www.searchlightfinance.co.uk

Profile Information

  • Location
    Knutsford Cheshire
  • Areas I invest in
    East Manchester
  • About me
    Addicted to property and once got told off in a church during a service when I was trying to work out how many flats you could get into it. A long history of providing finance to property owners and businesses with a spell running a national bridging company. I now through Searchlight Finance arrange finance for investors, developers and landlords.
  • Property investment interests
    Most things with a roof on. Understanding why a property and location is chosen.
  • My skills
    Property Finance including Portfolio Finance, Bridging, BTL, HMO and Commercial finance.

    Experienced landlord in single lets.
  • My goals
    Grow the portfolio through refurbishments and meet new people to chat about property
  • Interests outside property
    A mad poodle and taxi driver to two teenagers.Enough said.

Recent Profile Visitors

3,943 profile views
  1. Hi Laura I've arranged many similar deals in the past but with limited information, it's difficult to say with certainty that it can be done. You need to get the title split at completion and have plans prepared beforehand so lenders valuer can see what the outbuilding and house are worth. We arrange a £300k bridge after checking we can get a BTL mortgage based on rent. Do the work and then once they are ready to move, get the BTL sorted. Quite straightforward for me if numbers work. Happy to talk and I will need the address and what the existing house will rent out at, along with parents ages and income.
  2. They go on a course and pay to get told they can do this! The number of times I have discussions on HMO valuations and no you can't get a commercial valuation at a higher figure just because you have put a bed in the front room.
  3. Easy. Just tell the buyer when arranging the mortgage to advise the lender or broker that's it's been owned less than 6 months by the seller
  4. If you mean card details such as long card number, expiry date and name on front yes as this information is keyed into the lender's system with the CVV to pay for the valuation. You wouldn't pay a fee with sort code and account number.
  5. Thnaks @DerekT More lenders are accepting intercompany loans and there aren't any particular hurdles to overcome. Some lender's want your accountant's input that taking money out of the trading company won't be negative on its cashflow. Both SPV and trading normally need to have the same directors/shareholders. Happy to help when needed.
  6. Thnaks @DerekT I look after numerous hub members from around the country although I tend to specialise with existing /future portfolio landlords and focus on strategy and your future plans rather than "here's a mortgage"
  7. Doesn't cover investment properties let to a third party Andrew.
  8. Lenders fall into two main camps. The high street banks, most of which have a limited appetite for property investment are more likely not to request personal guarantees if they are happy with you as a client and the property. The downside to the High Street is that loans tend to be on a full repayment basis, rental calculations are much higher and they are slower. They may also ask for company security such as debentures and floating charges where there is no personal guarantee. For the BTL limited company lenders, all insist on personal guarantees with a couple of exceptions. If the loan to value is 65% or lower and another will take 25% of the loan amount for the personal guarantee but rates are higher than the rest of the market. Some lenders want all shareholders to sign guarantees, others just significant shareholders which is defined as over 20%-25% and they will always ask all directors. If your sister is not contributing towards the deposit monies there may be lenders who will just take a guarantee from you if she is not a director.
  9. I've just done 14 for a client and no issues. I wouldn't worry about it as plenty of lenders. I think your broker is thinking they may affect your credit score but not my experience of doing multiple applications on a regular basis.
  10. Try this Gary https://www.rla.org.uk/taxcentre/property-accounts-spreadsheet.shtml
  11. You can remortgage within 6 months with many lenders. You can also sell but some lenders won't do a mortgage unless the seller has owned it 6 months but plenty can.
  12. BRR is really easy if you get the end values!! If you don't it's a strategy that is more longer than short term. Dennis asks an important question, so difficult to reply without knowing the answer. As a portfolio landlord, most lenders want the following: LTV across the portfolio to be no more than 75%-80% LTV Proposed mortgage debt x 8% to be equal to or less than current gross annual rental income I say most as many lenders have different criteria. Some harsher others are more lenient. Also, be wary of early repayment penalties on your current mortgages.
  13. Hi Michael I deal with this daily and it's not easy to recommend a lender as it all depends on his financial standing, location of property and terms of the lease. It's a good LTV so if the lease has 10 years + to go I'd look at Nat west or Lloyds. If less then different lenders. It will be on repayment and watch out for the term of the loan. Some will only do 5 years but with payments structured over a longer term.
  14. There are some lenders when you can go direct but most of them are more expensive than going through a broker. Also it's not just about rate but the process, what to look for, what not to do, how to choose a solicitor etc
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