Masthaven updates residential range

Masthaven, the UK bridging loans and development finance bank, has updated its residential range with rate reductions and more flexible criteria.

The two-year fixed rate has been cut from 3.24% to 3.04%, and from 3.74% to 3.54%.  There are no fees applied to these products.

For the five-year fix, rates have been reduced from 3.59% to 3.34% with fees, and from 3.89% down to 3.64% with no fees.

Criteria relaxations have also been made, and the lender has extended its AVM policy.  Bank statements are no longer necessary for all self-employed and buy-to-let cases, additional earnings such as overtime and bonuses are allowed for affordability calculations and projections will now be considered for self-employed.

The automated valuation model (AVM) policy has been extended, to be considered for purchase and BTL cases, and on both first and second charge up to £350,000.

Rob Barnard, director of intermediaries at Masthaven, said: “Activity in the housing market has soared since the start of the pandemic, thanks in part to initiatives like the stamp duty holiday. The result has been a booming market with high transaction levels and house price growth.

“It hasn’t all been plain sailing, however, and the combination of high house prices, the end of the tax holiday in July and the looming deadline for the end of the furlough scheme is likely going to bring affordability issues to the fore for some borrowers. These rate reductions as well as a return to many of our pre-Covid underwriting approaches allows us to continue supporting borrowers, brokers and the wider market.”

Original article featured here…

Masthaven recently published more results from its latest research, showing that flexible lending criteria is now a bigger customer priority than it was pre-pandemic, according to 79% of the brokers surveyed.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/masthaven-updates-residential-range/

Aldermore enhances BTL range

Aldermore, the specialist finance lender, has enhanced its buy-to-let range with new products and reduced rates.

The new offering for individual landlords with single residential properties is available at up to 80% LTV, at a two-year fixed rate at 3.88%, and a five-year fix at 3.98%, all with fees of 1.5%.  The five-year fixed rate is also available up to 75% LTV at 3.48%.

Five products up to 80% LTV have been added for company landlords with a single residential property, with two and five-year fixed rates starting from 3.88%.

For portfolio landlords and those with HMOs and MUFBs (up to six units), new products have been launched, up to 75% LTV, and rate reductions of 0.3% made.

Jon Cooper, head of mortgage distribution at Aldermore, said: “With the outlook for the economy looking more favourable, due to the success of the vaccination programme and the near ending of social distancing restrictions, now is the time many landlords will be considering their future strategies.  

“So we’re delighted to announce a wave of new products and better rates to help those landlords, both big and small, realise those future portfolio goals.” 

Original article featured here…

Aldermore recently provided a £4.2m commercial residential refinance loan to McIver Homes, for the refinance of 41 apartments and 28 houses in Newcastle upon Tyne.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/aldermore-enhances-btl-range/

Paragon enhances limited edition BTL range

Paragon Bank, the specialist lender, has boosted its limited-edition range of buy-to-let mortgages.

The lender recently relaunched the range of loans for HMOs and multi-unit blocks, which both designed for experienced landlords who either have properties in their own name or through a limited company.

Now two products for Single Self-Contained units have also been relaunched within the range.  These mortgages are offered at 75% LTV with a two-year fixed rate starting at 2.75%, and a five-year fix from 3.10%.  Both come with free valuations and £750 cashback and are available for purchase and also remortgage.  These rates are exclusively for portfolio landlords with four or more mortgaged BTL properties, which can be either in their name or through a limited company.

For the two year fix, product fees are set at 1.00% and for the five year at 2.00%, with APRC charged at 4.10% on both.

Richard Rowntree, Paragon Bank’s managing director for mortgages, said: “We recently re-launched our limited-edition HMO and MUB products and these have been well received by landlords. We know that there is still strong demand, despite the end of the Stamp Duty holiday, and the popularity of this range supports that.

“By extending our limited-edition range we are providing additional competitive rates, cashback and free valuations for landlords who are interested in diversifying their portfolios with SSCs.”

Original article featured here…

Paragon recently released its latest research, showing the number of landlords reporting higher tenant demand is at a five year high.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/paragon-enhances-limited-edition-btl-range/

Landbay sees strong demand for BTL continuing

Landbay, the buy-to-let lender, has published a blog on its website, predicting that BTL property demand will offset any impact felt by the stamp duty holiday ending.

The high demand for rental properties will remain, according to the lender, due to current issues with supply.  This was illustrated by the record highs in the market during the last few months.

The blog also stated that once normal rates are back in place from this October, the 3% surcharge on additional property purchases will affect those who wish to become landlord or buy second homes.  Research carried out by Landbay shows a move away from landlords who own just one or two BTL properties, towards those seen as professional or semi-professional who operate as a business.

“The shortage of property for rent is directly linked to growing demand, which in turn is powered by a trend away from home ownership,” Landbay said in a blog on its website.

“Reluctantly, many would be buyers have had to turn their backs on buying as property prices have increased, especially so over the period covered by the stamp duty land tax holiday.

“The future for buy-to-let, despite the moves to curtail tax benefits, remains strong. For landlords, funding is plentiful and interest rates and loan-to-value criteria are at their most attractive at the moment.

“The private rental sector is fundamental to the housing market and will continue to play a vital role in the UK’s housing market.”

Original article featured here…

Earlier this week, Landbay reduced rates on its green product range.  Launched recently, these rates are exclusively for properties that have been registered for at least 24 months with an energy performance certificate (EPC) rating of C or above.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/landbay-sees-strong-demand-for-btl-continuing/

Shawbrook data shows broker confidence in UK lending environment

Shawbrook, the specialist UK savings, development finance, and bridging finance bank, has published its latest survey results, showing broker confidence in the UK lending environment.  82% felt assured about it, despite the impending end of the stamp duty holiday.

The survey of 187 brokers did show that concern remains about the financial impact of the pandemic, as 59% felt that personal finances will be the biggest challenge to property purchases this year.  This is due to government support schemes like furlough ending, and 34% of brokers feel that employment uncertainty is the greatest barrier facing clients.

An overwhelming majority of 76% of the respondents named issues with valuations as the greatest challenge they are liable to face this year.

Gavin Seaholme, Head of Sales at Shawbrook Bank, said: “The housing market was strong before the pandemic and has proved resilient throughout – therefore it is no surprise that broker confidence remains high for the market for the rest of 2021.

Brokers have a key role to play in supporting and advising their clients on their next step, whether that’s a new property purchase or remortgage.

While landlords and investors’ finances are expected to be the biggest barrier to property purchases in the next six months, ensuring clients are aware of all of the funding options available to them may make adding a new property to their portfolio a real possibility.

When it comes to challenges facing brokers, issues with valuations remains a top concern. It is important that lenders do what they can to support brokers with this.

At Shawbrook this year, we have expanded the use of AVMs and widened our valuation panel, with a dedicated panel of valuers for bridging cases.

We will continue to think of ways we can alleviate these concerns amongst our broker community.”

Original article featured here…

Shawbrook recently published data showing that 46% of landlords reduced monthly rent payments during the pandemic for their tenants.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/shawbrook-data-shows-broker-confidence-in-uk-lending-environment/

Landbay cuts rates on green product range

Landbay, the buy-to-let lender, has reduced rates on its green product range.  Launched recently, these rates are exclusively for properties that have been registered for at least 24 months with an energy performance certificate (EPC) rating of C or above.  The lender hopes to incentivise landlords to make their rental properties more energy efficient, in line with government targets.

The BTL green product range 75% LTV, 2-year fixed rate now starts at 2.89%.  In additional, there are two new 5-year fixed rate products, at 70% LTV, at 3.09% offered for properties with an A or B EPC rating, and 3.14% for properties with a C rating.

Landbay has also made a reduction to its core BTL range, with 2-year fixed rate mortgages now starting at 2.85%.

Paul Brett, managing director of Landbay, said: “Two months into our green mortgage range and the interest from intermediaries has been incredible.

“We have now introduced a 70% LTV green mortgage, to help satisfy landlord demand.

“We have also been able to lower rates on most of our core products and will continue to maintain our highly competitive stance in the market to ensure a really strong year has an even stronger finish.”

Original article featured here…

Landbay recently published a blog on its website calling for a green future for the building sector.  The lender is working towards a more environmentally future alongside the Financial Conduct Authority (FCA) and the government.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/landbay-cuts-rates-on-green-product-range/

Aldermore provides £4.2m loan to McIver Homes

Aldermore, the specialist finance lender, has provided a £4.2m commercial residential refinance loan McIver Homes.  This independent house builder and build-to-rent developer, based in the North East of England, is a returning customer for the lender.

The £4.2m will be used for the refinance of 41 apartments and 28 houses in Newcastle upon Tyne, which are based in 3 different sites.  McIver Homes support local communities by employing local residents and currently has a portfolio of 69 rental properties, all in the North East.

James McIver, founder of McIver Homes, said: “McIver Homes have been really impressed by the way Michael Graham and everyone at Aldermore have worked so hard to hit tight deadlines and complete this deal in a short space of time. Aldermore is there to back SMEs like ours, which in turn will allow us to grow and achieve our objectives of being a quality developer with a commitment to build homes which people are proud to live in. We’re looking forward to strengthening our relationship with Aldermore in the future and build on the successes gained over the last few years.”

Michael Graham, senior lending manager at Aldermore, said: “Aldermore has worked with James and McIver Homes for several years now and our relationship with them has continued to go from strength to strength. This latest deal is a good example of how we’ve stepped up to provide funding when traditional lenders are stepping back.”

Graham Ritchie, head of commercial mortgages for the North region at Aldermore, added: “This deal showcases the work we’re doing in the North of England to back local and regional house builders and long term investors. Our ability to offer our customers the option of either development or investment facilities or indeed both ‘develop to hold’ has been warmly received by James and other customers. We’ve been impressed by previous McIver Homes projects and we’re excited to see what plans James and his team have for the local area in the future.”

Original article featured here…

Aldermore recently provided a £3.4m commercial mortgage facility to Banwait Group Holdings Ltd, a privately owned family investment office.  The funds will be used for the purchase of six commercial properties in Leeds, Lincoln, Manchester, Doncaster and Sheffield.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/aldermore-provides-4-2m-loan-to-mciver-homes/

Roma raises LTV limits in criteria changes

Roma Finance, the bridging finance, short term lending and buy-to-let finance specialist, has extended its bridging and development criteria, in order to support commercial and development offerings.

The LTV on semi-commercial bridging has been increased to 70% and to 65% for commercial.  Second charge lending has now been made available to support purchases at up to 65% LTV of Open Market Value.

For land with planning purchases, the LTV is now at 55% and development works plus fees are eligible for up to 60% LTGDV.

Steve Smith, national sales manager at Roma Finance, said: “These criteria enhancements have been made to support the increasing commercial opportunities available and also the growing development market. We are continuing to see significant growth across the board in all areas and believe these new enhancements will further stimulate this.

“We are continuing to recruit across all business teams to ensure service levels are maintained with the goal of enhancing these too. We have some very exciting times ahead.”

Original article featured here…

Roma Finance recently launched two new ranges, RomaPrime and RomaPro.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/roma-raises-ltv-limits-in-criteria-changes/

Shawbrook achieves record lending levels

Shawbrook, the specialist UK savings, development finance, and bridging finance bank, has published its interim financial report (for the six months ending 30 June 2021), showing it achieved record origination levels in addition to increasing its loan book to £8bn.

This growth was driven by demand for its SME and property markets as customers become more confident alongside the economic recovery and search for specialist lending.

A profit growth to £94.4m, up from £5.9m was also reported by Shawbrook, which attributed more positive economic prospects to reductions in arrears and impairment charges.

Chief executive Marcelino Castrillo said: “Deep sector expertise, combined with our technology-enabled model and proven resilience, have allowed us to continue to support our customers against a challenging, but improving, macroeconomic backdrop.

“This was reflected in our record origination levels and our loan book reaching £8bn as at June 2021.”

Dylan Minto, chief financial officer at Shawbrook Group, added: “As the economy recovers from the lockdown impacts of the pandemic, the investment in the digitalisation of our customer proposition, backed by solid operational resilience, meant that we were well placed to support our customers as confidence returns to our specialist lending markets.

“Looking forward, as we capitalise on our specialist lending proposition in our addressable markets, we remain well positioned to further support our customers and communities.”

Original article featured here…

Earlier this month, Shawbrook published its research on property portfolios and rental situations, from a survey of 1,000 landlords (including 150 portfolio landlords) and 1,000 private tenants.  The data showed that 46% of landlords reduced monthly rent payments during the pandemic for their tenants.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/shawbrook-achieves-record-lending-levels/

Hope Capital boosts underwriting team with new hires

Hope Capital the short term lending and bridging finance house, has boosted its underwriting team with two new appointments.

Helen Hargreaves joins as a trainee underwriter and Andrew Bate as a loan administrator.  As both are in the beginning stages of the careers, Hope Capital will provide them with the opportunities to gain experience and learn within the industry.

Helen Hargreaves said: “It is fantastic to join a fast-growing business, where there’s lots of opportunity for career progression. I am very excited to get stuck in and learn from some of the industry’s best underwriters.”

Andrew Bate added: “I am extremely happy to have started working with Hope Capital and I am looking forward to being part of such a forward thinking and experienced team. Having the opportunity to learn, develop and progress my career is very exciting.”

Jonathan Sealey, CEO of Hope Capital, said: “Our doors are always open to new talent. At Hope Capital, we recognise the responsibility of providing training opportunities and promoting from within.

“Underwriting is incredibly specialised in bridging lending, particularly when every case is looked at on its own merits and the numbers involved in terms of loan amounts range from the tens of thousands to the millions. I have no doubt Helen and Andy will be great additions to the underwriting team and I really look forward to watching them grow and develop their careers.”

Original article featured here…

Hope Capital recently hired Roz Cawood as its new director of sales.  Roz previously worked for Masthaven Bank as head of sales and has also held roles with LendInvest and Precise Mortgages.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/hope-capital-boosts-underwriting-team-with-new-hires/

Paragon brings back limited edition loans

Paragon Bank, the specialist lender, has relaunched its limited edition loans for HMOs and multi-unit blocks.  These are both designed for experienced landlords who either have properties in their own name or through a limited company.

These products both come with a complimentary mortgage valuation and £750 cashback.  In addition, only one application fee will be charged on multiple property applications for a limited time.

Both mortgages are available at 75% LTV, with a two-year fix at 2.85% and a five-year fix at 3.34%.  The two-year product has a 1% product fee, with APRC set at 4.20%, whilst the five-year finance has a 2% product fee and APRC set at 4.10%.

Paragon director of mortgage sales Moray Hulme said: “We’ve seen that despite the changes to the stamp duty holiday that came into effect at the end of June, the market for rental properties is very much still an active one.

“A key driver of this is likely to be the strong tenant demand which we have now seen for a sustained period.

“We received an overwhelming response when we launched these limited-edition products previously and have now added a limited-time deal where only one application fee is charged regardless of how many properties are purchased.

“In this, we feel we have a really competitive offering that should appeal to investors interested in making the right additions to their portfolios.”

Original article featured here…

Earlier this month, Paragon released its latest research, with over 750 landlords surveyed on its behalf by data group BVA BDRC. The results show the number of landlords reporting higher tenant demand is at a five year high.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/paragon-brings-back-limited-edition-loans/

Avamore brings in fourth underwriter

Avamore Capital, the London based short term and bridging finance lender, has expanded its team once more.  Gili Cohen joins as the fourth underwriter, to assist with Avamore’s expansion plans for the remainder of 2021.

Gili brings prior experience on larger-ticket transactions, which will expand the lender’s capacity to access deals within wider parameters as it expands its market share.

Gili has experience in front-end origination, asset management, deal assessment and underwriting.  He joins from Pluto Finance where his role involved underwriting loans, primarily those over £10m.

Gili Cohen said: “I am pleased to be joining a fast growing and dynamic team with a developer-centric focus which will allow me to work with like-minded and forward-thinking individuals,”

“Avamore is on a significant growth trajectory; having the opportunity to drive that success while bringing in my prior experience to add value is truly exciting.

“I am looking forward to supporting Avamore’s borrowers and brokers, as well as forming strong relationships with all of its service providers.”

Philip Gould, principal at Avamore, commented: “Gili’s hire comes at a crucial growth stage for Avamore.

“Earlier this year, we crossed £250m of lending and then subsequently reached £300m very quickly, which is a reflection of our commitment and dedication to delivering for our partners.

“It is key that everyone we bring into the team demonstrates that same level of drive and tenacity, along with a can-do attitude.

“Gili is a quick thinker with a solution driven lens, and I have no doubt that he’ll make a huge contribution to the Avamore team.”

Original article featured here…

Avamore recently created a new role of internal relationship manager within the origination team, and appointed Sophia Lee to the position.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/avamore-brings-in-fourth-underwriter/

LendInvest receives another top rating from ARC Ratings

LendInvest, the London based buy to let finance and bridging finance platform, has received the highest rating from ARC Ratings for the seventh year in a row.

ARC Ratings is a regulated European credit rating agency registered with ESMA (European Securities and Markets Authority).  The rating is awarded based on factors including financial health, due diligence, internal controls, corporate governance and data disaster mitigation.

For the sixth consecutive year, LendInvest was given the SQ1 Servicer Quality Rating after a comprehensive review of the lender’s practices, with a focus on processes used to underwrite and service property loans.  LendInvest’s financial strength was recognised, along with its approach to the pandemic in regard to its forbearance procedures,

Rod Lockhart, Chief Executive Officer of LendInvest, said: “It’s been a huge year already for LendInvest. Receiving this rating just weeks after our listing on the London Stock Exchange is exemplary of the hard work the team put in to deliver the best experience for our customers.

This is the seventh year the business has received the highest possible rating from this hugely respected rating agency, and is the best vote of confidence in the platform and internal processes that we have developed.”

Original article featured here…

LendInvest recently reduced rates for its BTL product suite, and launched a new product for large HMOs and MUFBs.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/lendinvest-receives-another-top-rating-from-arc-ratings/

Halifax figures show house price growth at 7.6% in July

The latest figures from Halifax’s House Price Index show that house prices rose another 7.6% in July, reaching an average of £261,221.  It is now widely agreed among industry experts that a future correction seems unlikely.

The July figure was a 0.4% increase from June (£1,122), with a quarterly uplift of 2.4%.  Annual price growth has dropped from a twelve month high in May, 9.6%, and in June, 8.7%.

In London, house price growth was lower than other regions at 2.5%.  The South East and East of England also saw slower year-on-year growth.  In Wales, there was increase of 13.8% and Yorkshire had a growth of 11%.

Russell Galley, managing director at Halifax, said: “Overall, assuming a continuation of recent economic trends, we expect the housing market to remain solid over the next few months, with annual price growth continuing to slow but remaining well into positive territory by the end of the year.”

Jeremy Leaf, former RICS residential chairman, said: “Available stock remains at low levels and this is continuing to support values, among with cheap mortgage rates.”

Tomer Aboody, director at MT Finance, said: “This isn’t a surprise as these areas are more affordable. They also provide greener spaces, underlining the desire of buyers and changing sentiment with regard to wanting more space.” 

Original article featured here…

The latest Nationwide house price index showed that UK house prices hit a record high in April, after a rise of 2.1%.  This was the greatest monthly increase seen since February 2004.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/halifax-figures-show-house-price-growth-at-7-6-in-july/

Masthaven data shows importance of flexible lending

Masthaven, the UK bridging loans and development finance bank, has published more results from its latest research. These show that flexible lending criteria is now a bigger customer priority than it was pre-pandemic, according to 79% of the brokers surveyed.

More importance is also now placed on speed, said 56% of brokers. 54% said flexible product features are more important now, and 52% said customer service.  Just 26% felt that low rates had increased in importance.

The financial impact of the pandemic will still impact borrowers over the next year, according to more than a quarter of respondents.  This includes those borrowers who were furloughed, on the Jobs Support Scheme and who took mortgage payment holidays.

Rob Barnard, director of intermediaries at Masthaven, said: “Today’s findings show that borrowers no longer just want low rates from their lenders.

“They want flexibility, efficiency and good customer service and there’s no doubt that the pandemic has been a major driver behind this shift in priorities.

“With so many borrowers financially impacted by COVID-19, many of these individuals are now looking for lenders who have a personal and flexible approach to lending to help them meet their needs.

“While lockdown restrictions may have come to an end, the future still looks uncertain and the full extent of the impact of the pandemic is yet to be felt.

“However, the housing market has proved itself to be resilient, and by working together, lenders and brokers can ensure borrowers have access to the flexible products they want and need.”

Original article featured here…

Masthaven recently shared data which shows 92% of brokers are feeling positive about their prospects over the next year.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/masthaven-data-shows-importance-of-flexible-lending/

LendInvest makes rate cuts to BTL range

LendInvest, the London based buy to let finance and bridging finance platform, has reduced rates for its BTL product suite. The lender has also launched a new product for large HMOs and MUFBs.

The two-year 65% LTV product is now available at 2.85% and the five-year 65% LTV product at 3.04%.  For standard properties, the five-year 75% LTV option is now available at 3.20%.

The rate for small HMOs at up to 75% LTV is now at 3.04% on the two-year fix, and 3.34% for the five-year fix.

Additionally, LendInvest has launched a new product for large HMOs and MUFBs, up to 75% LTV at 3.69% for the two-year term and 3.95% for the five-year.

On standard properties, borrowers are eligible for a lower £150 valuation fee.

Andy Virgo, sales director at LendInvest, said: ““The opportunity to bring this newly priced range of products to our broker partners attention is welcomed and should be seen as a sign of our commitment to help landlords access not only great service and processes, but compelling rates too.”

Original article featured here…

LendInvest recently added Juno, the fintech law firm, to its legal panel for its BTL range.  Alongside four existing firms on the panel, Juno will now advise the lender on BTL legal matters.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/lendinvest-makes-rate-cuts-to-btl-range/

Aldermore provides £3.4m commercial mortgage facility

Aldermore, the specialist finance lender, has provided a £3.4m commercial mortgage facility to Banwait Group Holdings Ltd, a privately owned family investment office.

The funds will be used for the purchase of six commercial properties in Leeds, Lincoln, Manchester, Doncaster and Sheffield.

Currently, the two buildings in Manchester and Lincoln are rented by Tesco whilst the two industrial properties located in Sheffield are leased by a technological solutions provider and an online printing company.  The property in Leeds, an industrial trade counter, is let to a children’s furniture and accessories store.  In Doncaster, the drive thru unit, which is newly developed, is let to Costa Coffee on a 15 year full repairing and insuring (FRI) lease.

Graham Sunley, lending manager at Aldermore, said: “Harpreet Banwait was keen to acquire a strong commercial property portfolio. With his extensive experience in the real estate space and our expertise and knowledge in the region, we were able to work closely with him to provide the funding solution he needed to expand the commercial property portfolio.”

Graham Ritchie, head of commercial mortgages north at Aldermore, said: “This deal is another great example of the work we’re doing to back our customers in the north of England. Each of the properties acquired are in desirable locations and have tenants in Covid-19 resilient sectors making them attractive choices for investment.”

Harpreet Banwait, managing director of Banwait Group Holdings Limited, said: “Real Estate Investments Group 1 Limited was recently set up to develop a very significant diversified portfolio of high quality, income generating assets in Covid-19 resilient sectors. We’ve had a very successful start to the 2021/22 financial year, and we look forward to working with Aldermore in the very near future to help us reach our target of exceeding £100 million in assets under management within 3 years.

“Real Estate Investments Group 1 Limited has committed to donating a percentage of its profit to support local, regional, national and international charities through its Making an Impact Pledge.”

Original article featured here…

Aldermore recently made two new appointments;  Romy Murray is now a non-executive director and Nicolina Andall is the lender’s first apprentice board member.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/aldermore-provides-3-4m-commercial-mortgage-facility/

Octane Capital boosts team with three new hires

Octane Capital, the multi-award winning specialist finance house offering bridging finance and refurbishment finance, has boosted its team with three new hires, to help increase market share and improve service levels.

Mike Allen has been appointed as internal business development executive, to assist BDMs with new enquiries and also assist in structuring deals for credit review.  He was previously a short-term lending case manager for Brightstar Financial.

Both Joshua Carmody and Tuathla Underwood are joining Octane Capital as credit analysts, to support the credit team.

Mike Allen commented: “Having previously worked for a specialist packager, moving to a specialist lender to use the knowledge I had gained was a natural next step. Octane have a superb reputation within the sector, are forward-thinking and have a fantastic work culture. People tend to move to Octane and then stay, which speaks volumes.”

Joshua Carmody said: “I studied economics at university and have always had an interest in the finance sector. When I graduated and started doing my research, Octane were clearly a fast-growing company in an expanding sector. I had also heard lots of positive things about them through connections, which made the decision to work here even easier.”

Tuathla Underwood added: “Having completed my degree in accounting and finance, I started to job hunt and Octane immediately stood out. They are not just highly innovative but really value their staff and have a fantastic training infrastructure in place. It’s great to know that you’re learning from the best.”

Mark Posniak, managing director of Octane Capital, concluded: “Our philosophy has always been to offer the highest service standards in the industry and the addition of Tuathla, Mike and Josh is another step in that direction. All three have exactly what it takes to be a success at Octane and we look forward to seeing them fulfil their potential in the months and years ahead.”

Original article featured here…

Octane recently announced another record quarter for completions; during Q2 of 2021, the lender achieved over £100m of deals.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/octane-capital-boosts-team-with-three-new-hires/

Shawbrook research shows 46% of private landlords reduced rent in 2020

Shawbrook, the specialist UK savings, development finance, and bridging finance bank, has completed a survey of 1,000 landlords (including 150 portfolio landlords) and 1,000 private tenants.

This research on property portfolios and rental situations will form part of a new report on the buy-to-let market and the effect the pandemic has had for both landlords and private tenants.

The data shows that 46% of landlords reduced monthly rent payments during the pandemic for their tenants.  A full rent payment holiday (up to three months on average) was granted by 28% of landlords and 18% gave a rent reduction (of up to four months on average).  Landlords that gave a payment holiday to tenants estimated an average loss of £7,500, whilst rent holidays cost landlords an average of £6,500.

Over a third of landlords had proactively offered a rent holiday or reduction, and 45% said they came to a mutual agreement with their tenant.

The survey also found that portfolio landlords were more likely to have granted a rent reduction or holiday than single property landlords, with 59% giving a rent reduction for more than one of their properties.

John Eastgate, managing director of property finance at Shawbrook Bank, said: “No amount of foresight could have prepared landlords, or tenants, for the impact of the pandemic.

“During this incredibly difficult period, landlords acted pragmatically, recognising the additional strain their tenants were under. In fact, in many cases landlords were initiating the conversation around cutting rents to ease their financial burden.

“This period has clearly underlined the critically important role that the private rental sector is playing, and will continue to play, in the UK housing market. Responsible landlords have shown their reliability during a crisis, understanding the changing needs of their tenants and acting quickly.

“Solid fundamentals will underpin the market going forward, landlords and investors should look to a positive future. There is a strong argument to suggest that landlords in regional locations have never been in a better position to profit, while city centres will continue to represent good value as workers head back to the office, even if it is on a part-time basis.”

Original article featured here…

Shawbrook recently made changes to its buy-to-let and HMO range, the lender reduced rates for higher loan amounts and now has three new product bandings, based on loan sizes.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/shawbrook-research-shows-46-of-private-landlords-reduced-rent-in-2020/

Aldermore enhances team with new appointments

Aldermore, the specialist finance lender, has made two new appointments.  Romy Murray is now a non-executive director and Nicolina Andall is the lender’s first ‘apprentice board member.’

Romy Murray joins Aldermore with a wealth of industry experience after more than 30 years in the financial services and oil industries.  She is also still serving as a non-executive director at Nomura Bank International, chair of Banque Nomura France’s audit and risk committee and chair of the remuneration committee of Nomura Europe Holdings plc.  In addition, she is an ambassador for Women on Boards and an executive coach.

Nicolina Andall brings 20 years of experience as a commercial lawyer to the newly created apprentice board member role.  She has also served on the boards of both public and non-profit organisations and is currently in-house counsel for global engineering business Atlas Copco.  Previously, she worked as a senior solicitor at SJ Berwin, where she was responsible for UK construction deals.  In addition, Nicolina is an independent panel member at the Ministry of Justice and also an independent member of the London Advisory Committee, where she assesses candidates for magistrate roles.

This new role has been created by Aldermore to give up and coming talent first-hand experience of a commercial board, in an observational role.

Pat Butler, chairman at Aldermore, said: “We are delighted to welcome both Romy and Nicolina to Aldermore.

“Romy’s extensive background in international banking and overseas markets will be invaluable as we seek out more avenues to innovate and grow our footprint in the UK.

“Nicolina is an accomplished commercial lawyer with experience in public and not-for-profit arenas.

“We were impressed by her achievements, her enthusiasm and her determination to build a non-executive portfolio.

“I am confident that Aldermore will benefit from her experience, and we are committed to mentoring her during her time with us, which we hope will be a springboard to a successful non-executive career.”

Romy Murray added: “Having worked across the banking industry and being a small business owner myself, I know how crucial it is to provide tailored funding solutions to clients.

“I’m thrilled to be joining the experienced and respected Aldermore board.”

Nicolina Andall said: “Aldermore has a great reputation for challenging the financial sector and developing people.

“I’m excited to start this new role and look forward to participating fully in and absorbing all aspects of the workings of the board.”

Original article featured here…

Last month, Aldermore provided a property development loan of £4.6m for the build of new residential apartments in Somerset.  The loan was granted to Refresh Property Group Limited, part of Acorn Homes Group Ltd for 40 new apartments to be constructed on a former hotel site.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/aldermore-enhances-team-with-new-appointments/

Hope Capital launches its lowest bridging rate

Hope Capital, the short term lending and bridging finance house, has lowered the starting rate on its discounted rate loan product, to 0.39% per month.  This is the lowest bridging loan rate ever offered by the lender, available on loans from £150k to £2.5m.

The borrower may now choose for the initial 3, 4 or 6 months to be at a reduced rate with the remaining loan term at a higher monthly rate.  This product is designed for instances where an income will not be produced by the property initially.  In addition to residential property, this is now available for mixed-use and commercial property as well.

Rates have also been cut on The Capital Collection and The Seventies Collection for residential property and now begin at 0.70% per month.  Hope Capital has also reduced rates for its refurbishment range, to start at 0.80% for light refurbishment projects and 0.82% for medium to heavy refurbishment projects.

Jonathan Sealey, CEO of Hope Capital, commented: “We’re pleased to further enhance our bridging loan offering, with these significant rate reductions.

“The first half of 2021 has undoubtedly been a very busy time in the specialist lending market and we feel very confident that the demand for bridging finance will remain incredibly strong going forward. This is why we continue to ensure we focus on offering new innovative options which offer flexibility and affordability for the borrower.”

“The enhanced Discounted Rate Loan ties in with launch of the LIONS Fast Track Bridge, the fastest bridging loan offered by Hope Capital. With rates now available on the LIONS Fast Track Bridge from 0.39%, up to 65% LTV, with a loan on properties worth up to £500k and the opportunity to complete the deal within hours of making an initial enquiry, this is an extremely attractive proposition for brokers and their clients.

“As part of our growth plans, we’ve recruited more great talent, with BDMs now covering all parts of the country. As a result, we felt it was the right time to review our pricing model and reduce our rates, which we feel confident will be a hit in the market. We are committed to supporting brokers and ensuring they always have a number of competitive options available to help them meeting their clients’ bespoke needs.”

Original article featured here…

Hope Capital recently hired Roz Cawood as its new director of sales.  Roz previously worked for Masthaven Bank as head of sales and has also held roles with LendInvest and Precise Mortgages.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/hope-capital-launches-its-lowest-bridging-rate/

Landbay calls for green future for building sector

Landbay, the buy-to-let lender, has published a blog on its website calling for a green future for the building sector.  The lender is working towards a more environmentally future alongside the Financial Conduct Authority (FCA) and government.

With the government working towards more rental properties upgrading their EPC (Energy Performance Certificate) by 2030, Landbay’s own green mortgage range is designed to encourage landlords to play their part in a greener future.

Landbay stated in a blog on its website: “Meanwhile, the building sector is going to have to commit not only to building more energy-efficient homes, without which the long term effectiveness of an eco-led future is damaged before it starts,”

“Green issues are dominating the news agenda as Covid begins to fade and interest among consumers is growing and lenders are responding to the growing interest.

“Green mortgages provide landlords with the means to meet tomorrow’s challenges by helping to improve existing property portfolios and being more selective when investing in energy-efficient housing for new purchases.

“Advisers have a major role to play in educating landlords that green mortgages will not only help to improve the quality of tomorrow’s rental housing stock but will also make a positive impact on their future profitability.”

Original article featured here…

In June, Landbay launched its green mortgage range, offering rates up to 0.1% lower for properties with qualifying energy ratings.  These green rates are only for properties that have been registered for at least 24 months with an energy performance certificate (EPC) rating of C or above.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/landbay-calls-for-green-future-for-building-sector/