How to Finance Short Term Let Property Post Covid – Who to Borrow From Right Now

The Serviced Accommodation Property Podcast

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In this podcast, Kevin interviews Shaz Ahmed who is a commercial mortgage broker. A person who thinks outside the box to provide mortgages where others have failed. During the podcast, Kevin and Shaz discuss the challenges facing property investors today.

Shaz breaks down the various serviced accommodation business models and explains where to turn to for finance for each of them. Including the name of lenders for the various models. He also quickly blows away some of the myths surrounding financing that are holding many investors back.

KEY TAKEAWAYS

• Try to understand things from the lender´s point of view, so you can tailor your approach accordingly.
• Clearly define your serviced accommodation model and approach those lenders that understand it and feel comfortable financing that type of business.
• When lenders hear the term serviced accommodation they tend to automatically think of hospitality, hotels, etc. Many still don´t understand the short term let model.
• Local building societies are good people to approach for holiday let loans.
• For short term let properties look for a lender that offers you the ability to switch from say Airbnb to an AST and back again.
• A list of short-term let lenders is shared in the podcast
• Included in the podcast is a list of serviced accommodation lenders
• Sometimes you need to be creative to secure the finance you need.
• There are ways around having to wait 6 months to mortgage a property bought with cash.
• Some lenders are offering mortgages without repayment charges, how you can do this is explained in the podcast.
• Don´t get tripped up by not being able to prove where your deposit came from.
• Take care with payment holidays to make sure they do not get incorrectly categorized and damage your credit.
• Always be totally honest with your broker
• Usually, criteria is more important than the interest rate – if you don´t meet the criteria you can´t borrow anything

BEST MOMENTS

‘Up to 75%, loan to value is available. 70% seems to be the sweet spot with the building societies especially for the short term lets.’

‘Don´t be scared of bridging, it’s a good tool if used correctly.’

‘Whoever you go to and work with as a broker, tell them everything.’

VALUABLE RESOURCES

The Serviced Accommodation Property Podcast

https://propertysoldier.co.uk/

GUEST CONTACT METHODS

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Email - [e-mail]

Phone - 07809 115889

ABOUT THE HOST

Your host Kevin Poneskis enjoys public speaking, travelling, exercising, and keeping fit. He also enjoys working with a charity called STOLL which provides accommodation and training for homeless veterans.

Kevin was in the British Army serving 24 years, mostly in a Commando unit, and retired at the rank of Regimental Sergeant Major. He left the Army in 2011 and became a full-time property investor. During most of his Army career, Kevin was investing in property and has been a property investor now for over 27 years.

ABOUT THE GUEST

Shall is a mortgage broker who works specifically with property investors at all stages of their journey. he is also a regular speaker on the property networking scene and now on various podcasts. He has worked in finance for the best of a decade in both corporate and more specialist roles.

CONTACT METHOD

https://en-gb.facebook.com/propertysoldier/

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