You’ve found a genuinely discounted £1m+ portfolio. The hard part isn’t the purchase — it’s structuring the finance so you’re not leaving most of your cash trapped in the deal. One approach specialists use on discounted purchases where ownership is changing hands — personal name into an SPV, or one SPV to another — is what’s often called a “90/75” structure. Used in the right situation, it can release most of your original deposit and a large chunk of your stamp duty and fees. Here’s how it works, and why the surveyor and lender have to be lined up before you buy.

Prefer to read? The full breakdown is below.

The problem: cash trapped in a good deal

Buy a portfolio at a real discount and you have equity — but equity you can’t spend is just a number on a spreadsheet. The whole game on a discounted purchase is turning that paper equity back into usable cash so it can fund the next deal, rather than sitting locked in this one. Standard financing often can’t do that in one move, because a lender on the purchase typically lends against the price you paid, not the higher true value. So you complete, you’re “up” on paper, and your deposit is stuck. Solving that is what a considered structure is for.

What “90/75” actually means

The shorthand describes two stages. First, a higher-leverage facility on the way in — the “90” — gets you into the deal with less of your own cash committed up front. Then, once you have added value and can evidence the true open-market figure, a refinance at around 75% of that true value — the “75” — replaces the first facility on long-term terms. Because the refinance is measured against the real value rather than your discounted purchase price, it can release a large part of what you put in. It’s a deliberate two-step: get in efficiently, then refinance out against reality.

Why it can work without an expensive bridge

Many investors assume the only way to do this is with bridging finance, paying for the privilege in fees and interest. In the right circumstances the 90/75 approach avoids that, using term finance rather than a costly bridge to achieve a similar outcome. That saving is not trivial on a £1m+ deal — bridging costs stack up quickly across arrangement fees, monthly interest and exit fees. Whether the no-bridge route is available depends on the deal, the ownership change and the lender’s appetite, which is precisely why it can’t be assumed. When it fits, though, it keeps far more of your money in your own pocket.

Adding value is what unlocks the refinance

The refinance only releases cash if there is genuine value to refinance against, so the middle of the process matters. Title splits, refurbishment, and lease extensions are the levers that move a portfolio’s assessed value up to the true figure a lender will lend against. Do that work, evidence it properly, and the ~75% refinance can return most of your original deposit and a meaningful chunk of the SDLT and professional fees you paid going in. Skip it, or fail to document it, and the second stage has nothing to lift against. This is the same value-building discipline behind how you build a portfolio that keeps funding its own growth.

Get the surveyor and lender aligned first

The single most important point: align the surveyor and lender before you buy, not after. The entire structure hinges on a lender agreeing to refinance against true open-market value on the basis you’re expecting, and on a surveyor supporting that figure. Line those up in advance and the deal is a plan; leave them to chance and it’s a gamble that can strand your cash exactly where you were trying to free it. This is finance-and-execution work on a portfolio purchase, and it is where a specialist earns their keep. This article is educational, not advice — every deal differs and the tax and lending treatment must be checked for your circumstances.

Book a free Portfolio Fit Review

If you’re looking at a discounted £1m+ portfolio and want to know whether a structure like this can release your cash, the first step is a free fifteen-minute Portfolio Fit Review. We look at the deal, the true value and the finance route and tell you straight what’s realistic — before you commit a penny. We are a structured-finance specialist on large portfolio purchases, and we work alongside your tax adviser and solicitor rather than replacing them.

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The guidance contained within this article is subject to the UK regulatory regime and is primarily targeted at customers in the UK. SPV Mortgages does not provide tax or legal advice; we work alongside your tax adviser and solicitor. Your property may be repossessed if you do not keep up repayments on your mortgage.