Octane Capital appoints Benjamin Donelien as new finance manager

Octane Capital, the multi-award winning specialist finance house offering bridging finance and refurbishment finance, has hired a new finance manager, Benjamin Donelien.

He joins the treasury team to support the head of finance, Rob Graham, with all financial accounting and operational reporting for the lender’s growing loan book.  In addition, he will aid the credit team as they continue to streamline processes.

Benjamin was previously finance manager with London based CKH Innovations Opportunities Development, and is a fully qualified chartered management accountant.

Benjamin Donelien said: “Having admired Octane’s growth and vision from afar, joining was an easy decision,”

“I look forward to contributing to Octane’s continued growth and developing my own skillset.

“The ambition and culture of the company is inspiring, and I’m excited to get started.”

Jonathan Samuels, CEO at Octane, added: “Rob and Benjamin’s combined experience in modelling and analysis will be crucial in giving us the intelligence we need as we scale up and edge towards our second billion of lending.

“Benjamin’s help in evolving and adapting our processes will stand us in good stead as we target our next phase of growth.”

Original article featured here…

In August, Octane Capital boosted its team with three new hires, to help increase market share and improve service levels.  Mike Allen was appointed as internal business development executive, and both Joshua Carmody and Tuathla Underwood as credit analysts, to support the credit team.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/octane-capital-appoints-benjamin-donelien-as-new-finance-manager/

Shawbrook launches Empower Her with Saracens Foundation

Shawbrook, the specialist UK savings, development finance, and bridging finance bank, has launched a new leadership programme, Empower Her, with Saracens Foundation, the charitable arm of Saracens.  This new initiative, for young women in North London and Hertfordshire, is aiming to inspire the next generation of female leaders.

In April, Shawbrook was announced as the Official Banking Partner of Saracens Rugby Club, embarking on a multi-year partnership with the Championship rugby union side.  Both Shawbrook and Saracens hold a strong belief in promoting gender equality and supporting the community, making them ideal partners.

The new programme, funded by Shawbrook Bank and free for participants, will consist of a year long scheme offering skills workshops, practical application and access to leaders.  It is for available for 30 young women to take part, to develop personal, leadership and business skills.  Half of these are from amateur sports clubs and the other half are elite sports women from Saracens Women’s Rugby and Mavericks Netball teams.  At the end of the programme, there will be an opportunity to gain a formal qualification.

Charlie White, development manager at the Saracens Foundation, said: “We run over 30 programmes designed to address a broad range of challenges that impact our community. Gender equality and social mobility are both issues that continue to hold people back from fulfilling their potential are we’re deeply passionate about tackling them.

“Working with Shawbrook Bank to develop the Empower Her programme, we believe we can make a real difference for local young women, providing them with an opportunity to build the skills they need to become the leaders of tomorrow.

“The project will provide a balanced mix of mentoring and workshops that will help to inspire and equip this group of young women to excel in their future careers.”

Jo Grobel, head of CEO Office at Shawbrook Bank, said: “The incredible work that the Saracens Foundation delivers across the region resonates with all of us at Shawbrook. We set out to make a difference together and we’re incredibly proud to be working with them on this new project by not only funding it but also playing an active part throughout.

“We’re also excited by the culmination of the programme, which will see our participants deliver a charity touch-rugby tournament at the StoneX, giving them not just the practical experience of organising, promoting and delivering a major event, but in helping to fund the project next year as Empower Her is designed to be financially self-sustaining.

“Empower Her has the potential to make a big impact and to unlock real opportunity for all those involved, which we couldn’t be prouder to support.”

Original article featured here…

Shawbrook recently launched a new buy-to-let product, exclusively available via MyShawbrook, their new digital portal.  The new, ‘Non-Portfolio’ product is offered at up to 75% LTV, with a rate of 3.69%, for non-portfolio landlords with single dwelling applications, who must qualify for and proceed with an automated property valuation (AVM).

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/shawbrook-launches-empower-her-with-saracens-foundation/

Masthaven reduces minimum loan size across bridging range

Masthaven, the UK bridging loans and development finance bank, has lowered the minimum loan size across its bridging, specialist bridging and refurbishment range to £200,000, down from £300,000.

Rates for bridging loans at £200,000 now start at 0.43%, a decrease of 0.15% and the lowest ever bridging rate from the specialist lender.

Masthaven are also introducing dual legal representation for their bridging products.  This will make the legal process more streamlined and affordable for borrowers, helping customers to access bridging finance more efficiently.

Richard Deacon, sales director at Masthaven, said: “Bridging finance has grown in popularity over the last year as borrowers and brokers alike have looked for short-term finance solutions to help them navigate a busy market which has been operating at unprecedented levels since summer last year. The challenges over the last 18 months, as well as the stamp duty holiday, have all made the traditional homebuying process more difficult and have highlighted the value of bridging finance.

“Today’s changes are designed to cater for this growing demand and allow more customers to access bridging finance solutions easily and at rates close to those we offer on our traditional residential mortgages. Bridging finance is no longer an option of last resort and we’re confident that the product updates we have made today will provide a greater number of customers with the finance that’s right for them.”

Original article featured here…

Masthaven recently appointed Shelley Connelly as short-term lending director.  This new role will encompass lending and credit operations, with the aim of improving processes for brokers.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/masthaven-reduces-minimum-loan-size-across-bridging-range/

LendInvest announces Peter Wallis as new VP of Technology

LendInvest, the London based buy to let finance and bridging finance platform, has announced Peter Wallis as its new VP of Technology.  In this role, he will oversee the growth of Product and Technology teams via a recruitment drive, with the aim of doubling the headcount.  This is part of LendInvest’s continued commitment to investing in award winning technology.

Peter brings over twenty five years of experience in digital technology and consulting from the financial services, government and retail sectors.  He was previously Chief Technology Officer at Sporting Group, a sports betting technology and trading company.  In that role, he increased the team size by 125% and implemented a ‘Cloud first’ strategy.  Peter is also a former ETX Capital Chief Technology Officer.

Arman Tahmassebi, Chief Operating Officer  at LendInvest, said: “Accelerating our technology roadmap is a key pillar behind our vision of making property finance simple, and bringing the mortgage market into the 21st century.

I am delighted to welcome Peter to the LendInvest team. Having worked together in a previous life I have first-hand experience of his expertise in delivering on furthering our automation capabilities, complex digital projects and managing large and growing teams, which will be crucial to our growth moving forward.”

Original article featured here…

LendInvest recently received the highest rating from ARC Ratings for the seventh year in a row. The rating is awarded based on factors including financial health, due diligence, internal controls, corporate governance and data disaster mitigation.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/lendinvest-announces-peter-wallis-as-new-vp-of-technology/

West One goes green with ‘Funding the Future’

West One, the specialist bridging finance and buy to let finance lender, has launched its ‘Funding the Future’ campaign, a new environmental sustainability initiative.  This is supported by Enra Specialist Finance, West One’s parent company.

This new campaign will fund projects that are based on carbon reduction and sustainability.

Another part of the campaign is the introduction of the Green BTL product range, which will be offered on the broker portal.  It is available for standard properties that have an Energy Performance Certificate (EPC) rating of A to C.

Rates on this new product start at 65% LTV and 70% LTV, with both two and five-year fixes, from 3.04% with a fee of 1.25%.  Loan sizes are from £50k to £1.5m.  This product is not available for new build properties, but conversions are permitted.

Stephen Hogg, COO at Enra, said: “This campaign launch is about taking responsibility for the changes we can make to have a positive impact on sustainability and carbon reduction, within the property and housing markets.

“We know we cannot change the whole market alone, but we want to make a positive impact where we can.

“Our campaign ’Funding the Future’ is focused on promoting sustainability through West One, and the launch of the GREEN product range is an important part of our overall ESG strategy.”

Andrew Ferguson, managing director of West One’s buy-to-let division, added: “The GREEN product is a great addition to our range and will appeal to investors and landlords looking to upgrade older properties in particular.

“It’s an important step in terms of bringing those properties into line with the standards required for a more sustainable and carbon neutral property market.

“We will continue to expand our product range in the coming months, whilst maintaining the same high standards of underwriting, customer service and reliable delivery that intermediaries and clients already enjoy from West One.”

Original article featured here…

Earlier this month, West One made a series of product and criteria changes to its BTL range.  The lender reduced fees across most of the five-year fixed suite on the standard W1 product range.  For HMOs and MUBs, the specialist W1 products have had rates reduced, now offered from 3.44% with a 1.5% fee.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/west-one-goes-green-with-funding-the-future/

Aldermore £16m loan to Kexgill refinances student accommodation sites

Aldermore, the specialist finance lender, has provided another loan to Kexgill Nottingham Limited, a subsidiary of Kexgill Limited.

The European Kexgill Group is one of the largest privately owned student accomodation providers in the UK.

This ten year, £16m, interest only commercial residential investment refinance loan that Aldermore have provided will refinance student accomodation properties.  Nine of them are located in Nottingham and one in Liverpool, with a total of 369 bedrooms across the residential units.

This new loan brings Kexgill’s total lending with Aldermore to £46m overall.  It is one of the largest facilities the lender has completed so far.

Graham Ritchie, head of commercial mortgages north at Aldermore, said: “It’s great to be backing Kexgill again and provide them with the tailored funding facilities they need.

Kexgill are highly experienced property investors and developers within the student accommodation space and are one of the leading providers in the North of England.

Student accommodation is a sector which unfortunately many traditional lenders have turned their backs on, as developments can be complex.

This deal demonstrates Aldermore’s expertise in this market and our commitment to providing support for regional lenders like Kexgill.”

Michael Graham, senior lending manager at Aldermore, said: “Both Nottingham and Liverpool have a thriving student scene with world renowned universities.

Kexgill’s properties are in prime locations and will help strengthen the quality of student accommodation in the two cities.

Across all properties Kexgill manage, they have maintenance teams who are available 24/7 and are ready to conduct repairs within the same working day.”

Richard Stott, managing director of the Kexgill Group, said: “Another smooth transaction from Aldermore helping us expand in selected areas in the UK.

I’m particularly pleased with the courtyard development purchased in Liverpool which ideally suits our returning student model.”

Original article featured here…

Earlier this week, Aldermore published its annual results for the financial year ended 30th June 2021. They showed that Aldermore Group’s pre-tax profits have more than trebled from 2020 levels, having risen to £157.8m.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/aldermore-16m-loan-to-kexgill-refinances-student-accommodation-sites/

Hope Capital hires new operations manager

Hope Capital the short term lending and bridging finance house, has appointed a new operations manager, Jonathan Britstone.

Previously a commercial executive with Together, Britstone has nearly five years of experience within the solicitor’s team where he liaised with conveyancing solicitors to aid the progress of applications.  Overall, he has fifteen years of experience in the wider legal industry having worked in a range of job roles.

In his new position at Hope Capital, he will be supporting teams across sales, underwriting and post-completion.

Jonathan Britstone said: “Joining Hope Capital at a time where it is flourishing as a business is really exciting. I look forward to working alongside the team and helping to contribute to Hope Capital’s progress going forward.” 

Gary Bailey, managing director of Hope Capital, added: “We are very pleased to welcome Jonathan to the Hope Capital team. 

“Jonathan’s appointment is part of our ambitious plans to bolster all of the divisions across Hope Capital. As we take on more cases, it is essential we are best positioned to deliver an outstanding service to brokers and their clients. Bringing talent on board, such as people with Jonathan’s calibre, will ensure we can do this.” 

Original article featured here…

Last month, Hope Capital announced its sponsorship of UFC’s Paddy the Baddy.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/hope-capital-hires-new-operations-manager/

Aldermore triples pre-tax profits

Aldermore, the specialist finance lender, has published its annual results for the financial year ended 30th June 2021.  Aldermore Group’s pre-tax profits have more than trebled from 2020 levels, having risen to £157.8m.

A strong performance across corporate, business and personal is evident, with a 14% surge in customer deposits, to £12.4bn.  A rise of 8% in overall net lending to customers was achieved, at £13.4bn.

A drop was seen in business finance lending, down 5% to £3.1bn.  The lender attributed this to the impact of lockdowns on customer activity levels, and the decision to only participate in CBILS and RLS government Covid-19 assistance schemes.   In recent months though, customer activity has increased and net loans are in line with those of December 2020.

Steven Cooper, CEO at Aldermore Group, said: “During the year, we’ve delivered a robust performance and achieved growth through a period of unprecedented economic uncertainty.

“Our priorities throughout the Covid-19 pandemic have been to support our customers as well as safeguard our colleagues’ wellbeing.

“We helped almost 200,000 customers buy a vehicle and increased deposits by 14% with our consistently competitive savings products.

“We also granted payment breaks to almost 57,000 customers, with 98% now resuming full repayments, and provided over 800 SMEs with government-backed funding.

“As the UK begins to recover from the pandemic, we’re working even harder to ensure that SMEs and individuals can seize the opportunities that lie ahead.

“We’re enhancing our customer propositions across the group by providing tailored commercial mortgage products, delivering industry-leading motor finance with our MotoRate pricing solution, reintroducing our wide residential mortgage product range, and continuing to support business and personal savers with our award-winning offering.

“We’re also increasing investment in technology, people, customer experience and operating capacity to ensure the group can deliver on its longer-term growth ambitions, and ensure we continue to provide customers with a great experience and competitive products they’ve come to expect from us.”

Original article featured here…

Aldermore recently relaunched its 95% LTV range for purchase only, and refreshed its wider owner occupied range.  The lender is offering the two-year fixed rate at 5.08% and a five-year fix at 5.28%, both at 95% LTV with a £999 product fee.

source https://commercial-mortgages-broker.co.uk/property-finance-news/aldermore-triples-pre-tax-profits/

Shawbrook launches BTL product for MyShawbrook

Shawbrook, the specialist UK savings, development finance, and bridging finance bank, has launched a new BTL product.  This will be exclusively available via MyShawbrook, their new digital portal.

The digital platform offers instant indicative mortgage offers, including automatic valuations models (AVMs) where applicable.  This allows the bank to provider faster, consistent and reliable credit decisions.  It streamlines applications by integrating with third parties, which reduces the need for additional documents and data input.

The new, ‘Non-Portfolio’ product is offered at up to 75% LTV, with a rate of 3.69%, for non-portfolio landlords with single dwelling applications, who must qualify for and proceed with an automated property valuation (AVM).  Customers with straightforward requirements will benefit from the automation features of this new technology.  In turn, Shawbrook’s specialist underwriting team will be able to focus on the more complex cases.

In addition, Shawbrook has reduced rates by up to 0.60% acoss its buy-to-let mortgage range up to £1m.

Emma Cox, sales director at Shawbrook Bank, said: “This product has been designed to work in harmony with our new digital portal. Cases that meet the product’s eligibility criteria should sail through the new system with minimal manual intervention, freeing up our expert teams to concentrate on the more complex cases that make us specialists. In turn, this will improve the experience for all our buy-to-let customers. I hope this, coupled with more competitive rates across our offering, sends a clear signal of our continued support and commitment to the market.”

Original article featured here…

Shawbrook recently published its latest survey results, showing broker confidence in the UK lending environment.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/shawbrook-launches-btl-product-for-myshawbrook/

Landbay expands green mortgage range and reduces rates

Landbay, the buy-to-let lender, has added two new mortgage products to its green product range, and made a series of rate reductions.

Launched earlier this year, 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.

These new products are both five-year fixes, at 70% LTV with a 2.89% rate for properties with an EPC rating of A or B, and a 2.94% rate for those with a C rating.

The lender has reduced the rate for the standard 70% LTV two-year fixed rate to 2.79%, and the standard 50% LTV five-year fixed rate to 2.89%.

For small HMOs, two 70% LTV mortgages have had rates reduced, on the two-year fix down to 2.89% and the five-year fix down to 3.14%.

Paul Brett, managing director, intermediaries at Landbay, said: “All bar one of the rates in our rejigged special edition range are below three per cent making these products highly competitive,”

“This follows on from the rate reductions across our core range announced last month.

“The interest we have received in our core green mortgage range, which we launched in June, led us to introduce green products into our special edition range. We are always keen to provide more choice as well as competitive products for our broker partners and their landlord clients.”

Original article featured here…

Landbay reduced rates on its green product range for the first time last month.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/landbay-expands-green-mortgage-range-and-reduces-rates/

Paragon expands BTL range

Paragon Bank, the specialist lender, has expanded its buy-to-let range with two new, limited edition products.  These are for HMOs, single self-contained units and multi-unit blocks.

Two and five-year fixed rate terms are available, starting at 2.65% and 2.99% respectively, both including free mortgage valuations and £750 cashback.

Both of these mortgages, offered at 75% LTV, are for experienced landlords who are purchasing and remortgaging BTL properties, as either individuals or via limited companies.

There is a 1.00% product fee for the two-year fixed rate term, with APRC set at 4.10%.  For the five-year fix, there is a 2.00% product fee and APRC is set at 2.00%.

Richard Rowntree, managing director for mortgages at Paragon Bank, said: “We’re offering two products that are fairly unique in that the extremely competitive rates are available not only on single self-contained units but also HMOs and multi-unit blocks.

“Add to this, free mortgage valuations and £750 cash back, and we have two fantastic mortgages that we expect to be very popular, especially given their limited availability.

“In addition to the strong demand for rented property that is continuing to drive purchases, we know there is a need for keenly priced remortgage products. This is due to the significant numbers of landlords who have deals maturing, while others may want to take advantage of house price rises to raise capital for improvements; expanding our range of limited-edition mortgages will help to support landlords in these situations.”

Original article featured here…

Paragon recently published figures showing the advantages of smaller university towns or cities for student buy-to-let landlords, areas with more HMOs and fewer purpose built student accommodation blocks.

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

Castle Trust simplifies range and reduces rates on BTL range

Castle Trust, the short term, bridging finance and specialist finance provider, has cut rates and simplified its HMO and holiday let mortgages.  This forms part of a wider overhaul of its buy-to-let range.

Rates for HMO and holiday let mortgages now start at 3.83% and the loading has been removed.  The bridge-to-let product has also had a rate reduction, with the bridging rate now available for 0.67% pcm up to 80% LTV.

The lender has introduced a new BTL exclusive, which is offered for 3.95% up to 70% LTV, available through selected partners.  Castle Trust is also continuing its exclusive five-year fixed rate product, priced at 4.5% with a two-year ERC, through selected partners.

Rob Oliver, sales director at Castle Trust Bank, said: “It’s now more than a year since we became a bank, and one of the many advantages is that it gives us greater flexibility in our product development and pricing. We have already seen the popularity of our HMO, holiday let and bridge-to-let products amongst brokers and we hope to make them even more attractive to a wider group of customers, with even keener pricing.

“We are also continuing to support our distribution partnerships with a new Buy to Let exclusive available up to 70% LTV and the continuation of our 5-year fixed rate exclusive with a 2-year ERC.”

Original article featured here…

Castle Trust recently provided a £13.2m development loan to Laner Ltd, for Barking Dog Development’s scheme in east London.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/castle-trust-simplifies-range-and-reduces-rates-on-btl-range/

Landbay now offering large loan BTL product range

Landbay, the buy-to-let lender, is now offering a five-year, fixed rate BTL product range, for loans of up to £1.5m.  These are for standard properties, HMOs, MUFBs and trading companies.

For standard properties, there is a 3.24% rate at 75% LTV for loans up to £1.5m, for small HMO and MUFB properties a 3.59% rate and for small portfolio landlord standard properties, a rate of 3.14%.

Landbay is now offering two new build standard property mortgages, at 65% LTV up to £1.5m at 3.24% and at 75% LTV up to £1m at 3.34%.  For new build small HMOs and MUFBs, there is a product at 75% LTV with a rate of 3.69%.

The lender has also raised maximum loan sizes to £1.5m on 3 five-year fixed rate products at 75%, including a 3.99% mortgage for large HMOs and MUFBs.

Paul Brett, managing director, intermediaries at Landbay, said: “We are seeing more landlords wanting larger loans particularly for investment in HMOs and MUFBs,”

“They tend to be professional landlords with growing portfolios who want to invest in larger properties.

“There has also been an increase in trading limited companies investing in HMO and MUFBs. This type of accommodation attracts higher yields for landlords and even if there are vacancies within the property there is always income from the other tenants.”

Original article featured here…

Landbay recently published a blog on its website, predicting that BTL property demand will offset any impact felt by the stamp duty holiday ending.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/landbay-now-offering-large-loan-btl-product-range/

Shawbrook launches BTL portal MyShawbrook

Shawbrook, the specialist UK savings, development finance, and bridging finance bank, has launched its buy-to-let portal, MyShawbrook, for its full panel of broker partners.

The digital platform offers instant indicative mortgage offers, including automatic valuations models (AVMs) where applicable.  This allows the bank to provider faster, consistent and reliable credit decisions.  It streamlines applications by integrating with third parties, which reduces the need for additional documents and data input.

During the test phase, Shawbrook said some cases moved to formal mortgage offers within 24 hours, and completion within a week.

Claire Rankin, director of strategy and digital transformation at Shawbrook Bank, said: “We’re proud to unveil our ground-breaking new portal to the wider market, following a successful pilot programme.

“This is a key milestone in our digital journey, aimed to transform the mortgage process for both brokers and customers.

“We want to provide an easy and frictionless journey and to achieve this, we need to strike the perfect balance of advanced technology and expert people.

“These are both areas we have made significant investment in over recent months and we’re excited for our brokers to reap the benefits.

“MyShawbrook Buy-to-Let aims to support all types of cases, from single dwelling applications, right through to the more complex, large portfolio cases – we look forward to providing a more efficient process to the Buy-to-Let market.”

Original article featured here…

Shawbrook recently published its latest survey results, showing broker confidence in the UK lending environment.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/shawbrook-launches-btl-portal-myshawbrook/

Avamore appoints Alan Margolis as a director

Avamore Capital, the London based short term and bridging finance lender, has appointed a new director, Alan Margolis.  He will be part of the management team and a member of the board and credit committee.  In his new role, Alan will cover systems, processes and technology, working on strategic initiatives, leading commercial aspects of the business and finding ways to improve its infrastructure.

Alan was previously director of bridging at Masthaven Bank and spent nearly seven years at director of bridging at United Trust Bank prior to that.

Alan Marjolis said: “It did not take much persuasion by Zuhair and Michael for me to agree to join them and be part of the next step in Avamore’s journey to become a leading lender in our chosen markets,”

“The ambition, energy and incredible quality and drive of the team are a fantastic platform to grow our business.

“Tremendous opportunities are available to specialist lenders that have vision and are prepared to back their staff and broker partners.

“As part of the executive management team, I will use all my experience and industry connections to achieve and even exceed our ambitions.”

Zuhair Mirza, co-founder of Avamore, said: “We have known Alan for many years and are absolutely delighted to have him join the senior leadership team,”

“He brings a wealth of industry knowledge and relationships with him, and we are excited for him to apply his expertise to fast-track our growth further.

“Under Alan’s leadership, we believe this team will go from strength to strength, and we expect that Avamore’s lending volumes will increase substantially.

“Alan’s appointment is an important step in Avamore’s evolution as we look to increase market coverage, drive efficiencies, and deliver outstanding customer service for our borrowing and broking partners.”

Michael Dean, co-founder of Avamore, said: “Alan’s experience and knowhow, combined with his shared cultural values, make his appointment something for everyone in the company to be really excited about,”

“With other forthcoming senior appointments, this will further cement our position as a major player in the development and bridging space and act as a springboard for the long-term growth of the company.

“On a personal level, Alan’s a really good guy and we are all looking forward to working with him.”

Original article featured here…

Gili Cohen recently joined Avamore as the fourth underwriter, to assist with the lender’s expansion plans for the remainder of 2021.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/avamore-appoints-alan-margolis-as-a-director/

Hope Capital sponsors UFC’s Paddy the Baddy

Hope Capital the short term lending and bridging finance house, has announced its sponsorship of UFC’s Paddy the Baddy.  Paddy, real name Paddy Pimblett, is a newcomer to UFC, and won his debut fight in Las Vegas on 4th September.

Paddy, a Liverpudlian, joined the UFC earlier this year after previously competing in Cage Warriors, in both the featherweight and lightweight divisions.

Hope Capital’s sponsorship is part of their commitment to support the local community and will strengthen their brand presence across the country and beyond.

Jonathan Sealey, CEO at Hope Capital, said: “I have been a huge fan of Paddy for a long time and watched his career develop over the years to where he is today in the UFC.

“This is why I wanted to be part of his journey as he represents Liverpool in Las Vegas; there is no doubt Paddy has established himself as one of the most exciting fighters in the UK.

“We hope this will be the beginning of a long, successful relationship and on behalf of the Hope Capital team, we wish Paddy the best of luck and look forward to watching the fight.”

Original article featured here…

Hope Capital recently boosted its underwriting team with two new appointments; Helen Hargreaves joined as a trainee underwriter and Andrew Bate as a loan administrator.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/hope-capital-sponsors-ufcs-paddy-the-baddy/

West One makes changes to BTL range

West One, the specialist bridging finance and buy to let finance lender, has made a series of product and criteria changes to its BTL range.

Fees have been reduced across most of the five-year fixed suite on the standard W1 product range.  For HMOs and MUBs, the specialist W1 products have had rates reduced, now offered from 3.44% with a 1.5% fee.

Changes have also been made to the five-year fixed term holiday let, now offered from 4.09% and expat products, now offered from 3.84%.   These are now available up to 75% LTV, which also applies to all MUFB products in this range.

The lender has also launched new products, including a limited edition 75% LTV in the standard W1 range.  In the specialist W1 range, a limited edition five-year fix at 2.49%, with a 2% fee, has been added with loans of up to £750,000 for small HMOs and MUFBs.

Some products have now been withdrawn, including the five-year fixed term at 3.59% for small HMOs and MUFBs, which was a limited-edition.

Andrew Ferguson, managing director at West One, said: “We’re making these changes today in response to a busy BTL market where we’ve been able to expand our distribution this year and enable more brokers and clients to benefit from the strength of our proposition.

“Our continued focus on service delivery aligned with these rate changes mean we are well placed to support our broker partners and their landlord clients as we move towards the end of the year.”

Original article featured here…

West One recently hired Nick Jones, previously commercial director at Roma Finance, as its new sales director.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/west-one-makes-changes-to-btl-range/

Aldermore brings back 95% LTV range for purchase only

Aldermore, the specialist finance lender, has relaunched its 95% LTV range for purchase only, and refreshed its wider owner occupied range.

The lender is offering the two-year fixed rate at 5.08% and a five-year fix at 5.28%, both at 95% LTV with a £999 product fee.

The purchase and remortgage products are limited edition, fee-free, with no product or valuation or funds transfer fee, and also come with free legals on remortgages.  The two-year fixed rate is offered at 2.48% and the five-year at 2.68%, up to 75% LTV.  Also available are a two-year fix at 2.78% and a five-year fix at 2.98%, both at up to 80% LTV.

Aldermore has also reduced rates on its standard level range by 0.10%.

Jon Cooper, head of mortgage distribution, Aldermore said: “It’s important people see they have the opportunity to realise their home ownership dreams, which is why we consider every application on its own merits, and pride ourselves on tackling even the more challenging applications. If there’s a way to make it happen, we’ll find it.”

Paul Shearman, mortgage, protection and GI proposition director, The Openwork Partnership said: “Buying a home is an important step in life but many would-be borrowers may feel it is unobtainable for them right now due to having to adapt their finances during the pandemic. With Aldermore’s expanded range, there will be more opportunity for those borrowers who need an individual approach to lending, whether they are self-employed, have a low deposit, or blips in their credit history.”

Original article featured here…

Aldermore recently enhanced its buy-to-let range with new products and reduced rates.

source https://commercial-mortgages-broker.co.uk/property-news/aldermore-brings-back-95-ltv-range-for-purchase-only/

Castle Trust provides £13.2m development loan for Dagenham project

Castle Trust, the short term, bridging finance and specialist finance provider, has provided a £13.2m development loan to Laner Ltd, for Barking Dog Development’s scheme in east London.

The facility was agreed at 67% LTGDV over a two-year term.  On the site currently is a warehouse which will be demolished.

The development, the OXLO project, which will be commercial and residential, is located in Dagenham.  The five storey building will have commercial space making up the ground floor, whilst higher floors will consist of apartments for private rent.

In total, there will be 63 residential units to include studio flats, one and two bedroom flats and one bedroom maisonettes.  Over 350 square metres of mixed commercial space will be developed, with associated car parking and communal areas.

Simon Whitfield, head of development finance at Castle Trust Bank, said: “We’re delighted to be providing funding for this exciting project in Dagenham. The development is ideally situated, and there will be high demand for the units once they become available to rent. We’ve provided finance for projects undertaken by Barking Dog Developments before, and continue to be impressed by their experience, professionalism and expertise.”

Kirk Pickering of Barking Dog Developments Ltd added: “We are delighted to have concluded development funding with Castle Trust Bank for the OXLO Project, an innovative 60+ unit PRS scheme in east London. They supported the delivery team and understood the product, which is a continuation from a previous project also funded by Castle Trust Bank.”

Original article featured here…

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/castle-trust-provides-13-2m-development-loan-for-dagenham-project/

Paragon: best student BTL profits in smaller towns and cities

Paragon Bank, the specialist lender, has published figures showing the advantages of smaller university towns or cities for student buy-to-let landlords.  These are areas with more HMOs and fewer purpose built student accommodation blocks.

The top location for rental yield was Swansea, with an average rental income of £22,140.  This generated a return of 9.56% using the average purchase price of £231,534.  Hull was second with an average return of 8.68%, and Plymouth third with 8.41%.

From the top ten locations for returns on student lettings, seven have just one main university.  These type of locations have a smaller student population, typically below 25,000.

Richard Rowntree, Paragon Bank’s managing director for mortgages, said: “When it comes to student property investment, heading to the major cities doesn’t always generate the best returns, as these figures demonstrate.

“Smaller towns and cities will typically have a lower proportion of purpose built student accommodation, which has become more commonplace in major cities, whilst major cities also offer a wider array of property that students can rent, such as city centre apartments or build-to-rent schemes.

He added: “Smaller locations will often offer more traditional type student accommodation, such as houses in multiple occupation, whilst property values are generally cheaper in these locations, which can help generate better returns.”

Original article featured here…

Paragon recently boosted its limited-edition range of buy-to-let mortgages.  The lender relaunched the range of loans for HMOs and multi-unit blocks, which is designed for experienced landlords who either have properties in their own name or through a limited company.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/paragon-best-student-btl-profits-in-smaller-towns-and-cities/

Masthaven announces Shelley Connelly as short-term lending director

Masthaven, the UK bridging loans and development finance bank, has appointed Shelley Connelly as short-term lending director.  This new role will encompass lending and credit operations, with the aim of improving processes for brokers.

This is an expansion of Shelley’s current role, which will see her taking on responsibility for the daily management of the lending operations team, for short and long-term lending.  Chief lending officer David Kennedy will work alongside her to oversee credit operations, credit decisioning and lending transformation teams.

Another aspect of this enhanced role will be to improve experiences for the bank’s partners, by improving turnaround times and streamlining operational processes.

David Kennedy, chief lending officer at Masthaven, said: “Even though we’ve not been able to meet face-to-face for some time now, we remain totally committed to investing in our people. The bank is built on strong teams that need great leaders. Shelley is an example of this strong leadership, and she will bring a wealth of experience and specialist knowledge to her new role overseeing short-term lending.

“It’s also a powerful reminder of the success of our Women in Leadership programme which the bank launched in 2020. Diversity and inclusion are at the top of our agenda at Masthaven, and we believe that creating a more inclusive and representative workplace is not only the right thing to do, but also critical for our success as a business.”

Original article featured here…

Last month, Masthaven updated its residential range with rate reductions and more flexible criteria.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/masthaven-announces-shelley-connelly-as-short-term-lending-director/

Roma Finance announce partnership with rugby team Sale Sharks

Roma Finance, the bridging finance, short term lending and buy-to-let finance specialist, has announced their new partnership with rugby team the Sale Sharks.  Roma’s logo will be displayed on the back of the club’s kits for the forthcoming 2021/22 season.

The Sharks take on Bath Rugby on 18th September for the first fixture of their new campaign, with Roma’s branding above the player’s numbers on the new kit.

Sharks CEO Sid Sutton said: “Roma Finance is a perfect fit for us and we’re thrilled to welcome Scott and the team to the Sharks family.

It’s a growing business with community and its customers at the heart of everything it does, in the same way that our supporters are central to everything we do at Sale Sharks.

We’re at the start of an extremely exciting journey for the club both on and off the pitch and we couldn’t be happier to welcome a partner that matches our ambition and our values.”

Scott Marshall, managing director of Roma Finance, said: “Sponsoring Sharks is a watershed moment for Roma.

Sale Sharks’ values are very closely aligned with our own and I am genuinely excited about the future of this young partnership.

As a successful team, Sharks are entering an exciting new era and we as a business are thrilled to be on this journey. We are looking forward to a fantastic season.

Roma is a lender less ordinary. We’re successful as we are entirely focussed on creating wealth for customers through property investment and development.

Working in collaboration with our partners we remain agile and enthusiastic, we continue to learn and have a winning formula that delivers real results.”

Original article featured here…

Roma recently extended its bridging and development criteria, in order to support commercial and development offerings.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/roma-finance-announce-partnership-with-rugby-team-sale-sharks/