The loan itself 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, so her broker introduced her to Jamie Beattie, a senior broker manager at Y3S. The application process took just 5 days from start to finish.
This is the latest in a line of recent achievements for Y3S who 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.
Commenting for Y3S was Director Matt Cottle:
"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. 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 said:
"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. Jamie’s expert packaging and presentation of the deal ensured that this deal was completed in record time and we look forward to working with Y3S again on our next case."
