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About Jonathan Levy

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  1. I agree with Julia, once you've had to pay all the finance costs, broker fees and possibly solicitor fees there probably isn't much left. So go for a 5yr fix. Also, you may find that a 5yr fix takes you over a bad period for prices.
  2. Hi, I'm in the middle of a refurb and wondering if anyone has any good online places they use for bathroom supplies? e.g. bath, shower, toilets. I'm currently looking at plumbworld.co.uk which seems good but wondering what others have come across. Thanks Jon
  3. Morning. All a bit new to us as it's the first time we've done it with 4 properties. Thankfully everything was ok with the cashflow and the business plan. The money landed in our account yesterday which we can now use to finish off one of the refurbs. Next time it will be much easier as it's all collated together now. Thanks for the comments everyone
  4. This is the exact requirement from them "Source of wealth.Can you please provide a full breakdown as to the original source of funds used to acquire the properties in the applicants current portfolio." That says to me all funds from all time.
  5. Hi Stuart, thanks for the long detailed response. Really good to see the reasons why they ask these things. I have a cash flow which as you say is straight forward and relatively simple. Business plan wouldn't take long to write. Source of funds is tedious as it's over 3 years and various values, probably 40 transactions for myself and a bit less for my brother. Do you think they will want to see bank statements for every deposit into the business account from our personal accounts? Thanks, Jon
  6. Hi Conrad, I suppose firstly because this is the first time we're remortgaging a property within the company and don't know what to expect. Secondly I think it's still lot of questions for what I still consider a small value property.
  7. Hi, I'm just in the process of re-mortgaging one property in my portfolio which has come to the end of its term. We're looking to borrow just under 70k which is 75%LTV. The bank are asking for the following information which I think is vastly over the top: Business plan Cashflow forecast Original source of wealth to buy properties Latest accounts (fair enough) Interested to hear others thoughts on this. I think if we were looking to borrow a million it might be justified but just under 70k? Seems extreme. Looking forward to any comment
  8. I had a look around the internet but to be honest, just like you, I didn't find much. And what I did find didn't fill me with confidence. More restrictions on landlords rights e.g. harder to evict if needs be. Although I think it might be good thing to do I actually don't think it would be lucrative. I'm struggling to find the upsides from a landlords perspective. Maybe you could ask them why they think a landlord would want to do this. It's got to be a win win situation otherwise it doesn't work.
  9. Hi We're in the process of renovating a mid terrace property. Back to brick. We've had a thought about maybe adapting this for disabled tenants as it's our understanding that there isn't much supply out there. We thought maybe the council pay the rent or guarantee it in some way. Does anyone have any experience of this or has done this? Does it sound like a good idea as it's more niche or is it just a lot more work for the same reward? I would think that any tenant would stay longer as there is less supply of suitable accommodation around but I could be wrong. Really interested
  10. If you want to be sneaky you could just hold the money in your account for a while so that it doesn't show up on your bank statement. Obviously you need to pay the loan back in the mean time which may not work for you.
  11. Seems the simplest and cleanest method is to just take a loan from them which amortizes over time. Offer them the lowest rate and work from there. If they want a higher rate and it works for you then increase it. You could use the templates on this site to generate a loan agreement with your investors. https://www.lawdepot.co.uk/contracts/loan-agreement/ Alternatively, if we use your £24k loan example, why not just take a cheap personal loan from a bank? Tesco and Nationwide offer low rates. Probably others too.
  12. Is it me, or does it seem that ltd company mortgage rates are going up and fees are quite high? e.g. a remortgage with TMW has a higher rate than I'm currently on and a fee of £1995. That's pretty rubbish and a big chunk from potential profit. Have others noticed this?
  13. Hi Tom, What evidence are they looking for? I didn't have any particularly odd requests from them when I opened mine.
  14. Hi, Just been thinking about upgrades that are required by law to make a property EPC compliant...i.e.. minimum rating of E. Things like replacing glazing, loft insulation, insulating walls etc Does the cost of doing this count as a revenue expense or a capital expense?
  15. Has anyone had any experience with using Starling for their business bank account? Would you recommend them? I'm currently using Natwest but thinking of moving. Thanks
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