Specialist lender Somo has provided a £145,000 second charge bridging loan to two portfolio landlords. The loan was used to clear mortgage arrears across their buy-to-let properties and remove a restriction on their title at HM Land Registry.
The 18-month facility was secured against one of the landlords' rental properties, valued at £460,000, which had an existing first charge of £65,000. This allowed the landlords to address their financial issues without disturbing their existing mortgage.
The landlords had fallen behind on mortgage payments across multiple buy-to-let properties and faced a title restriction due to unpaid management company charges. The loan cleared these arrears and charges, providing them with time to sell two properties from their portfolio without pressure.