The rent roll arrives as a colourful spreadsheet. Three titles. Twelve units. A total that looks strong on the cover email. Credit opens tab two and finds last year’s asking rents, two vacant flats with no void dates and an AST that expired in March. The portfolio finance file stalls there. Not because the assets are worthless. Because the income evidence is not underwriteable.

This pack note is for brokers and professional landlords who want a short multi-title facility priced on day one. StatusKWO writes unregulated commercial facilities for professional and corporate borrowers only. Published terms currently show a monthly rate from 1.25%, entry 2%, exit 1.5%, LTV up to 85%, loans from £10,000 to £10,000,000+ and terms up to 16 months. Those are schedule figures. They are not a promise that every rent roll prices at the floor.

Why a rent roll is credit evidence not a marketing sheet

A marketing sheet sells a landlord story. A credit rent roll has to survive a valuer and a solicitor. It has to match bank credits, the tenancy schedule and what GOV.UK private renting rules expect on deposits, notices and how a tenancy is set up. If those layers disagree, the underwriter does not average them. They take the weaker number.

Our portfolio finance guide for landlords covers why investors use cross-collateral facilities. This page is narrower. It is the income pack that sits beside title and LTV. Without it, a bridging loan against several buy-to-lets is just a pile of addresses.

Start the enquiry with a one-page summary. Borrower and SPV. Titles and tenure. Gross loan and net funds. Term. Use of funds. Named exit. Then attach the rent roll as a working file, not a screenshot. Credit will copy cells. They will not retype a photo of Excel.

What belongs in the tenancy schedule

Every occupied unit needs the same fields. Address and unit. Tenant name or company. Start date. Contracted rent. Payment frequency. Deposit amount and scheme. Break or end date if fixed. Whether the tenancy is AST, company let or licence. Gaps in that grid are questions. Questions are delay.

Match the schedule to Land Registry titles. If two flats sit on one freehold, say so. If a leasehold block has a short unexpired term, put the years left next to the rent. A strong rent on a weak lease is still a weak refinance.

Attach the current AST or tenancy agreement for each let unit when the facility is sizeable or the exit is refinance. Summaries help. Signed agreements settle arguments. Company lets need the corporate tenant’s details and who actually occupies. Licences need a clear explanation. Do not bury a holiday-let style arrangement inside a column labelled AST.

Bank statements for the rent account belong in the same zip. Three months is the usual ask. Credits should line up with the schedule within a sensible tolerance for timing. A rent roll that shows £8,400 a month and a bank account that shows £5,100 is not a rounding issue. It is the file.

Where a managing agent collects, put the agent statement beside the landlord account. Net of management fees is fine if the fee is shown. Net of unexplained deductions is not. Credit needs to see gross contracted rent and what actually cleared.

Ground rent and service charge on leasehold stock should sit outside the rent total unless you are proving a freeholder income line. Mixing occupational rent with ground rent in one cell makes coverage look better than it is. Split the columns.

Voids arrears and deposit proof

Empty units need dates. When did the last tenant leave. What works sit before re-let. What rent is assumed after works. A blank void with a full asking rent in the total is how coverage gets overstated.

A void with a contractor quote and a re-let date is different. Credit can model a short empty period. They cannot model hope. If works run past the bridging term, the rent assumption after works does not belong in the hold-case total for this facility.

Arrears need a line, not a speech. Amount. Months. Recovery plan. Standing arrangements. If the arrears sit with one tenant across several units, say that once. Credit will ask anyway.

Standing arrangements that bounce every month are arrears with better manners. Show the last three successful credits. A schedule that ignores failed payments will be rebuilt by the underwriter with a pen.

Deposits should show protection where the law requires it. The tenancy deposit protection rules are public. A missing certificate on a recent let is a compliance flag on a refinance exit as well as on the bridge. Put the scheme name and reference in the schedule.

HMO and multi-let stock need licence status in the same pack. A rent total that ignores a missing licence is not income. It is a planning problem wearing a spreadsheet. Selective licensing areas need the same honesty. If the licence is in progress, say when it was applied for and what the council has confirmed in writing.

Agent-managed books and SPV stacks

Many professional books are run through an agent. That is normal. The pack still has to show who the landlord is on each tenancy and which SPV owns each title. An agent portal export with no company name on the rows is a starting point. It is not the finish.

If several SPVs sit under one group, give a simple ownership sketch. Which company borrows. Which companies grant charges. Which companies only collect rent. Credit will not invent a group structure from five bank logins.

Director guarantees are common on unregulated commercial portfolio bridges. Name the guarantors in the first enquiry. Do not leave that as a surprise after the DIP. Identity for those individuals belongs with the company papers.

How portfolio LTV and coverage meet

LTV is still driven by the lender’s valuation of the charged titles. Income does not replace value. It supports the hold case and the refinance story. A file at 70% LTV with thin coverage is different from a file at 55% LTV with clean credits. Say which titles are charged. Say which titles are only supporting income. Mixing those two without a cross-charge note creates false comfort.

Coverage should use current contracted rent, not last year’s asking schedule and not a hopeful post-works figure unless the works are costed and timed inside the term. Stress a void. Stress a late payer. If the exit is a longer portfolio line, the rent roll has to look like something a term lender will also accept. See refinancing a buy-to-let portfolio with a bridging loan for the exit mechanics. Do not treat the bridge as a substitute for that term test.

Sale-led exits still need rent evidence when the book is tenanted. A buyer of a let portfolio will underwrite income too. Soft asking prices in the wider market do not excuse a weak schedule. They make a clean schedule more important because the exit has less room for delay.

Gross and net still matter on multi-title files. Retained interest and fees change the advance. StatusKWO’s published entry fee is 2% and the exit fee is 1.5%. A rent roll that just clears interest on a net advance can fail once retained interest is in the gross figure. State both amounts in the enquiry.

Regional mix belongs in the note under the sheet. A book concentrated in one postcode is a different risk from a book spread across three towns. Credit does not need a research essay. They need honesty about concentration and about any local licensing or rent controls that affect re-let speed.

How credit cuts a weak rent roll

Underwriters rebuild the sheet. Asking rents become voids or haircut figures. Expired ASTs become rolling risks. Unsupported credits disappear. The total falls. The coverage ratio falls with it. That is not a negotiation trick. It is how the desk protects the exit.

If your first pack already applies those cuts, the DIP comes back faster. If you make credit find them, you lose a week and goodwill. Put a column for contracted rent and a column for credit rent if you want to show both. Do not hide the gap.

Insurance, safety certificates and EPC status are not rent, but they sit next to rent on refinance exits. A missing EPC on a unit you claim is let will get asked. Keep those certificates in the same folder as the ASTs so the solicitor is not chasing them on day nine.

Common pack errors on multi-title files

The same mistakes keep coming back. Asking rents in the total. Expired ASTs marked as current. One statement account for three SPVs with no allocation. Titles charged in the email that do not match the Land Registry list. A portfolio PDF with no unit-level rows. Photographs of kitchens instead of tenancy agreements.

Name consistency kills days. The SPV on the DIP, the charge and Companies House must match. If rents are paid to a director’s personal account, explain why and show the trail into the company. If a managing agent collects, put the agent statement in the pack.

Do not send twenty emails. One zip. One contents list. One rent-roll file with a date in the filename. Our single-asset packaging note still applies. Portfolio files just add income evidence on top of identity, title and exit.

Another frequent miss is charging the wrong title. The rent sits on Flat 2. The charge request lists the freehold only. Or the reverse. Align the security list with the income list before the valuer is instructed. A valuation on the wrong asset wastes money and time.

How to send the file to StatusKWO

Start with the decision in principle engine or a one-page enquiry. List every title you want charged. Attach the rent roll, three months of rent credits, tenancy agreements for the main units and deposit proof. Name the solicitor. Name the exit.

If a unit is mid-works, put the costed schedule next to the void. If the refinance is already with a term lender, attach the current AIP and make sure it covers the same SPV and the same titles. If you only need a bridge against part of the book, say which titles stay outside the charge so credit does not assume income it cannot secure.

Keep collecting while the DIP is out. Updated bank credits, a new AST and a deposit certificate can land the same week as the valuation. Brokers who wait for a perfect pack often miss the week when the exit still worked.

Professional landlords who keep a clean schedule through the year send faster files. The desk notices. The rent roll is not decoration. It is how a multi-title bridge gets priced without a week of cleanup.

Frequently asked questions

What rent figure should sit in the portfolio total?

Use contracted rent for occupied units and a dated void assumption for empties. Do not drop asking rents into the total. Credit will cut them and then distrust the rest of the sheet.

Do I need every AST in the first pack?

For a small two-title file, a schedule plus bank credits may start the DIP. For larger books, or any refinance exit, attach the agreements for the main income units with the first submission. Waiting until legal asks wastes the valuation window.

How do voids affect LTV?

They usually hit coverage and exit quality harder than headline LTV. The valuer still prices the asset. An unexplained void still slows the file because the hold case and the refinance case both weaken.

Can rents paid to a personal account support a company borrower?

Only with a clear trail and an explanation. Prefer rents into the borrowing SPV. Personal receipts without allocation look like a different borrower.

Where should brokers start with StatusKWO?

Use the decision in principle engine with the title list, loan, term and exit, then attach the rent roll and credits in the same go. Bring current tenancy evidence. A tidy schedule is faster than a long covering story.