Butterfield Mortgages Limited has completed a £4.5 million financing package to support the acquisition of two central London buy-to-let properties valued at a combined £7 million, structured through a holding company and two special purpose vehicles at a loan-to-value ratio of 65%. On the surface, this is a single transaction. Beneath it, however, lies a story about how sophisticated investors are now approaching London property in an era of tighter tax rules, higher borrowing costs and a mainstream mortgage market that remains reluctant to underwrite complex ownership structures.