From bridge to term: Refinancing a 24-unit MUFB with a £1.1m portfolio Buy to Let mortgage.

When experienced property investors Ahmed Zohaib and Syed Eitizaz needed to refinance a 24-unit multi-unit freehold block (MUFB) following an auction purchase funded by bridging finance, we provided a long-term funding solution to support their portfolio ambitions.

The Manchester-based entrepreneurs acquired the former Rockingham College building in Wath upon Dearne, Rotherham, at auction using a 12-month unregulated bridging loan from Together. The landmark property comprises 24 residential flats, including 19 one-bedroom and five two-bedroom units.

Having met at university, the customers initially built their careers in fashion retail before moving into property investment full-time in 2020. Since then, and with support from our Corporate Team, they have built a substantial portfolio spanning both residential and commercial assets, including MUFBs, Buy to Lets, offices, retail units and an Edinburgh shopping centre.

The challenge

After acquiring the property at auction using Together's bridging finance, the customers were approaching the end of their facility and looking to secure longer-term funding better suited to a stabilised investment asset.

Whilst exploring refinancing options in the market, the investors felt that the process was becoming increasingly complex and were concerned that timescales could jeopardise a smooth transition onto long-term funding, particularly as an updated valuation would not be available in time for completion.

With the bridging loan nearing maturity, the customers needed a lender that understood both the asset and their wider portfolio strategy, while providing certainty around delivery.

The solution

Having supported the original auction purchase, we already had a detailed understanding of both the property and the customers' long-term ambitions.

Rather than focusing solely on the outstanding valuation, we took a holistic view of the case, considering the strength of the asset, the customers' proven track record and the performance of their wider portfolio.

Drawing on our experience of supporting professional landlords and complex property transactions, we were comfortable that the completed scheme had created additional value since acquisition and worked closely with the customers to structure a suitable long-term facility.

We provided a £1.1m six-year fixed-rate Buy to Let mortgage at 70% loan-to-value, on an interest-only basis, enabling the customers to repay their bridging loan and transition seamlessly onto longer-term funding.

Ritchie Watson, Corporate Sales Director at Together, said:

“One of the most rewarding parts of working with long-standing clients is seeing an investment strategy come to life. We originally supported the purchase of the building and have since watched it evolve into a strong residential asset with improved energy performance and a clear long-term future.

“This refinance was about recognising the progress that had been made, taking a common-sense approach to the lending, and providing funding that matched the next phase of the investment journey.”

The results

The refinance allowed the customers to move from short-term auction finance to a long-term portfolio buy-to-let solution while retaining a key asset within their growing portfolio.

The property now benefits from EPC C ratings across all 24 units, an improvement from EPC E and above at acquisition, helping to enhance the long-term sustainability of the investment.

By supporting both the original auction purchase and the subsequent refinance, Together provided funding throughout the investment lifecycle, helping the customers move confidently from bridge to term and focus on their next opportunity.

Looking for a funding solution that fits your plans?

Whether you're moving quickly on a property purchase, buying multiple properties, consolidating existing loans or refinancing onto a longer-term mortgage, we're here to help.

From MUFBs and HMOs to semi-commercial and commercial assets, we understand that no two property journeys are the same. That's why we take the time to understand your goals and find a funding solution that works for you and your portfolio.