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Transfer of portfolio from personal ownership to limited company
PR Team | 04.06.2024
An experienced landlord has run a portfolio of 10 buy to let properties in their personal name since the early 2000s but wants to transfer them into a limited company structure as they heard they could benefit from incorporating their rental business.
They’d also like to buy a new rental property but, as a newly formed SPV, they’re now finding some lenders won’t dig into the details required to understand their income.
You get in touch with your BDM to discuss the client’s case and they explain that we accept newly formed SPVs and LLPs, and we don’t apply specific SIC code requirements. What’s more, we assess limited company applications at 145% ICR to help with affordability and we also accept intercompany loans, shareholder deposits and director loans as deposits, subject to full underwrite and valuation.
As the client has been self-employed as a private landlord for many years, they’re able to provide the latest accounts and credit history we need to help approve their case.
This is where a conversation at the start has made all the difference.
