I was truly shocked by how much detail the lender demanded for a standard HMO mortgage. Typical loan agreements are common for many property SPVs, given the capital-intensive nature of the industry, and the extensive due diligence required for a simple loan agreement is exhausting. HMO/SPV companies aren't even regulated by the FCA. We are entrepreneurs trying to generate income. This company seems to discriminate against those with loan agreements, withholding funds if you're looking to repay investors. After three months of being strung along by the service, they asked for complete searches for a remortgage, which we complied with—an unreasonable request that no other lender would make. In the end, they suddenly claimed they could not lend after going to head office, with no further explanation. With investors to repay, this situation has placed us in a dire position after three months of responding to their inquiries. This isn't the first negative experience, but we managed to get through it with this provider. Never again, and I would never trust this lender. I advise others in property SPVs to avoid this service and seek alternatives.
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