Where do you place a landlord with 15 properties and three SPVs? – Hendry

The buy-to-let (BTL) market has evolved significantly over the past decade. A growing number of landlords now operate at scale, often holding assets in limited companies, refinancing regularly, and managing portfolios that span regions, property types, and ownership structures, many of which no longer fit the desired profile of mainstream lenders, which view such cases as being too complex to fit within their rigid underwriting requirements or appetite for risk.

This is leading a greater number of brokers to the door of specialist lenders that don’t automatically equate complexity with risk. Instead, these cases are assessed on their individual merits, taking into account the landlord’s experience, portfolio background, and wider financial circumstances. This allows for a more holistic approach, one that supports a broader range of landlord needs and enables more flexible, accountable lending decisions. 

After all, we are now dealing with a stronger proportion of landlords who are thinking and acting like a business. They’re focused on long-term growth, tax planning, gearing, and refinancing strategies. Their financing needs reflect this, and so do their ownership structures. 

SPVs are the new norm in the BTL market 

Limited companies, including special purpose vehicles (SPVs), have become standard practice across the sector. Many landlords hold different types of properties in different entities. This often leads to layered shareholdings, multiple directors, or different deposit sources.

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Again, it’s important to point out that these aren’t indicators of risk, they’re simply part of how landlords scale sustainably in the modern BTL landscape and therefore need criteria that match their ongoing needs. 

Many mainstream lenders apply hard caps: maximum portfolio size, maximum number of properties with that lender, or strict rules on how many SPVs they’ll work with. Some insist on personal ownership, while others shy away from layered companies or non-standard deposit sources such as director loans.

This creates problems for brokers, even when the landlord’s financial position is strong. 

Deals can also break down over affordability assessments, especially if rental income is spread unevenly or the lender doesn’t take the full financial picture into account. Some lenders require a consistent approach to income coverage (ICR), but don’t differentiate between basic-rate and higher-rate taxpayers, or adjust for limited company applications. 

This is where specialist lenders with manual underwriting capabilities really come into their own through being able to accept applications from newly incorporated SPVs, inter-company loans, layered ownership and up to four directors, with no maximum age.  

Some also offer large portfolio tiers for landlords borrowing over £5m, or even unlimited exposure with appropriate underwriting. 

For brokers, that means more scope to present the case as it actually is, rather than reshaping it to fit a one-size-fits-all model. 

These aren’t one-off clients. Portfolio landlords refinance more frequently, purchase more often, and value consistent service. When brokers find the right lender for them, by that I mean one that doesn’t treat perceived complexity as a red flag, it can often lead to long-term business and trust. 

Understanding these clients’ financing needs isn’t just a technical exercise. It’s a chance to become part of their wider strategy in terms of supporting their future growth, cash flow planning, and long-term portfolio management. 

As the market matures, intermediaries who can confidently handle structured portfolio cases will be the ones who thrive and be in a position to help fund their landlord clients’ borrowing needs without compromise.