Paragon increases maximum loan amounts

Paragon Bank, the specialist lender, has doubled the maximum loan amount available to portfolio landlords, those with four or more mortgaged buy-to-let properties.  This refers to both the loan amount on an individual property and the total BTL borrowing limit within the company.

Portfolio landlords can now borrow £10 million across their portfolio with Paragon (previously the limit was £5 million) and £4 million on an individual property (previously £2 million).

The lender has also increased maximum loan amounts across several LTV bands.  These increases are for both portfolio and non-portfolio landlords.  Landlords now have the option to borrow £750,000 at 80% LTV, £1 million at 75% LTV, £1.5 million at 70% LTV, and a maximum of £4 million up to 65% LTV with Paragon.

Richard Rowntree, managing director of mortgages at Paragon Bank, said: “We want to ensure we can support our landlord customers as they grow their business and thrive. A key element of this is creating the financial headroom to facilitate that growth and giving landlords the confidence that they can add new properties to their portfolios.

“In addition, we want to support landlords as they pivot their portfolios to adjust for societal changes, such as increased levels of working from home and the desire for more space. That translates into greater demand for larger homes, which is one of the reasons why we have increased our maximum loan amount on an individual property. We’re confident these changes will be welcomed by landlords and mortgage intermediaries.”

Original article featured here…

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

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/paragon-increases-maximum-loan-amounts/

Average house price continues to grow

The latest UK House Price Index, from the Land Registry and the ONS, reveals a further rise in house prices.  Over the year to August, house prices in the UK rose by 10.6%, compared to 8.5% in July.  The average house price is now £25,000 higher than twelve months ago, at £264,000 in August.

Scotland saw the biggest increase in average house prices at 16.9%, followed by 12.5 in Wales, 9.8% in England and 9.0% for Northern Ireland.

In England, the region with the highest annual house price growth was the North West, with an increase of 13.3% over the year to August.  London had the lowest annual growth, at 7.5%, as it has for the last nine months.

Director of Benham and Reeves, Marc von Grundherr, commented: “Yet further proof that the drop in property prices following the initial stamp duty holiday deadline was merely a pause for breath in an otherwise marathon run of positive market momentum.

“There’s little sign of this letting up and should an increase in interest rates materialise, the likelihood is that it will be fairly palatable for the average homebuyer. Therefore, we don’t expect it to have any notable impact on the nation’s insatiable appetite for homeownership and the market should continue moving forward at pace well into next year.”

Managing director of Barrows and Forrester, James Forrester, said: “The current state of the market is quite remarkable given what we’ve been through as a nation since the start of last year. Employment and wage growth have remained firm, mortgage affordability is still hovering around record lows and house prices continue to climb ever higher.

“As a result, buyers continue to mob the market and while an interest rate hike is on the horizon, we expect these factors to continue to stimulate positive house price growth for the remainder of the year.

“Forget about a shortage of HGV drivers, we need more estate agents to get us through until Christmas.”

Rob Barnard, director of intermediaries at Masthaven, the UK bridging loans and development finance bank, added: “The continued ‘race for space’ created by the pandemic has continued to drive up house prices, with the tapering of stamp duty relief over the past year hardly slowing momentum down. While booming levels of buyer activity are certainly encouraging, it is difficult to know if they will last. The end of the government support schemes, as well as expected tax hikes in the new year, could serve to weaken demand going forward.

“Indeed, the country’s economic outlook over the coming winter looks uncertain, from rising inflation to extensive supply chain issues. Amid this backdrop, borrowers will require the guidance of specialist lenders now more than ever to ensure they can get on the housing ladder. Prospective buyers struggling to buy a home, or those who have seen their financial circumstances take a knock over the past 18 months, will need the advice and personalised products which specialist lenders can provide. It will be vital that specialist lenders continue to innovate and develop tailored products and collaborate with brokers to understand the unique and shifting needs of customers.”

Original article featured here…

Masthaven recently promoted Michaela McQueen to senior lending operations manager.  Michaela has been with the bank for nearly six years, having started as an underwriter then underwriting manager, and was promoted to business readiness manager in 2020.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/average-house-price-continues-to-grow/

Hampshire Trust Bank boosts team with another new hire

Hampshire Trust Bank, the specialist lender, has appointed Sally Wright as head of propositions for the specialist mortgages division, as part of their ambitious plans for growth.

Previously with Vida Homeloans, Sally was corporate sales manager and then head of field sales. In her new role, she will be working with the recently appointed deputy managing director of specialist mortgages, Louisa Sedgwick.

Louisa joined the lender earlier this month, to work alongside managing director Charles McDowell and the specialist mortgages leadership team.  In her new role, she will support all aspects of the business and work on new initiatives to enhance the existing specialist mortgages proposition.

Louisa Sedgwick said: “This is such an exciting time to be part of the HTB story, as we continue to grow and define new worlds to conquer.

“I couldn’t be more pleased to be able to bring Sally on board at this exciting stage in our development. Her expertise and experience will play a huge role in shaping our mortgage growth aspirations – more of which will become apparent soon.”

Sally commented: “HTB have an excellent platform, an outstanding team and an amazing reputation in the industry. I’m itching to get stuck-in and to be a key part of the continued success story.

“This is a great time to join a team that has such enthusiasm and determination to do more and better for the intermediary market.

“I have worked closely with Louisa for many years and I know that together we can achieve great things.”

Original article featured here…

Hampshire Trust Bank also recently appointed a new business development manager for the North of England, Wes Baker.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/hampshire-trust-bank-boosts-team-with-another-new-hire/

LendInvest now offering green range

LendInvest, the London based buy to let finance and bridging finance platform, has launched a new product range for eco-friendly properties, the EPiC catalogue.

This range enables borrowers with properties that have an EPC rating of C or above to access reduced rates and fees.  For standard properties rates start at 2.65%, for small HMOs at 2.91%, and for large HMOs, MUFBs and holiday lets at 3.49%.

The lender hopes that the EPiC range will be an incentive for borrowers to increase environmental efficiency.  A further 10bps reduction will be given to those who meet the criteria that are transitioning from LendInvest’s bridging or development ranges.

LendInvest have also launched a new seven year fixed rate product within the EPiC range, with rates starting at 2.88% for 70% LTV.

Andy Virgo, Sales Director at LendInvest, said: “The launch of this product range is just the next step in the business’ strategy to reward and support borrowers who take their environmental responsibility seriously.

As a lender that has offered green initiatives for a number of years now, we hope to broaden this offering in the future, as we continuously seek to work with funding partners that share our ethos.”

Original article featured here…

LendInvest launched a new product range, for holiday lets and short-term properties.  The lender has also made a series of reductions to its standard property range.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/lendinvest-now-offering-green-range/

MT Finance makes Chris Patrick first NED

MT Finance, the bridging finance specialist, have appointed their first non-executive director, Chris Patrick.

In his new role, Chris will assist with MT Finance’s growth plans, focusing on funding strategy, ESG initiatives and technology.  He assisted with the management buyout negotiations for the lender earlier this year.

Chris bring a wealth of capital markets experience with him, predominately from structured finance and principal investing.  He joins from Anacap, where he has worked for the past thirteen years.  Prior to that, he was Managing Director and Head of Principal Finance – European Structured Products for Lehman Brothers for a decade.  He has also worked in senior roles at Credit Suisse, Nomura International and Goldman Sachs.

Joshua Elash, director of MT Finance, said: ‘We have known Chris for a while and are delighted to welcome him to the Board of Directors.

Chris brings energy and experience to the Board and is strongly placed to assist us in our goal of becoming the leading provider of specialist property finance in the UK.’

Chris Patrick added: ‘I am delighted to be joining the Board of MT Finance and look forward to helping this award winning, ambitious business achieve its objective of becoming the UK’s leading property finance provider through its focus on creating value for all of its key stakeholders: customers, employees, and the wider society in general.’

Original article featured here…

In the summer, MT Finance introduced a £250 credit scheme, for borrowers who attain an Energy Performance Certificate (EPC) of either A or B on their property.Both new and existing borrowers are eligible for this scheme and it applies across the whole product range.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/mt-finance-makes-chris-patrick-first-ned/

Hampshire Trust Bank hires new BDM

Hampshire Trust Bank, the specialist lender, has appointed a new business development manager for the North of England, Wes Baker.

In his new role, Wes will support the lender’s broker base encompassing both the Midlands and the North of England.  He will be reporting directly to the sales director, Marcus Dussard.

Previously, Wes was BDM at specialist lender Masthaven, and has over fifteen years experience in the financial services industry in total.  He has also worked in underwriting and business development roles at a number of specialist finance firms.

Marcus Dussard, sales director at HTB, said: “We continue to grow and evolve the HTB offering at pace. Following our recent BTL product refresh and proposition enhancements, including the introduction of our new PUMA for Intermediaries Portal and revamped ‘fast track’ bridging proposition, we are experiencing exceptional demand from brokers.

The appointment of Wes is part of our planned growth strategy and to establish dedicated support for brokers in the North.

We bring an exceptional level of personal support to specialist lending at HTB, and recruiting the best talent to manage complex and bespoke lending across BTL and bridging is vital to our success.

His appointment is testament to our commitment to the market; continuing to build relationships and deliver our service proposition into the hands of brokers that need our support”.

Wes Baker added: “I’m very pleased to be joining HTB at this exciting time in their growth story and as part of the very strong team that has been assembled to support brokers with their business.

This has been my patch for many years. I’m itching to demonstrate how HTB’s approach to high-value and complex lending can help provide leverage for the unique requirements of brokers in this area”.

This follows a series of hires and promotions that HTB has made this year to support its ambitious growth targets, including the recent appointment of Louisa Sedgwick as deputy managing director of the Specialist Mortgages division.

Original article featured here…

Hampshire Trust Bank also recently appointed a new deputy managing director of specialist mortgages, Louisa Sedgwick.  In her new role, she will support all aspects of the business and work on new initiatives to enhance the existing specialist mortgages proposition.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/hampshire-trust-bank-hires-new-bdm/

LendInvest now offering holiday let range

LendInvest, the London based buy to let finance and bridging finance platform, has launched a new product range, for holiday lets and short-term properties.  The lender has also made a series of reductions to its standard property range.

Rates on the new holiday let product range start at 3.59% for 65% LTV for two year fixed products.

LendInvest has reduced rates for its small HMO product range, with the two-year fix at 70% LTV now at 3.06% and for the five-year fix at 70% LTV at 3.64%.

For the standard BTL range, two-year fixed rate products now start from 2.75% and the five-year at 75% LTV is now offered at 3.14%.

An additional seven-year fixed rate product has also been added, at 65% LTV with rates starting at 65%.

Andy Virgo, Sales Director at LendInvest, said: “We are hugely excited to be releasing this new catalogue today, which includes a whole range of updates we have been eager to implement for landlords.

Supporting landlords who are experienced in, or have diversified into the short-term let market is a natural progression for us, as we continue to broaden our funding sources we are keen to keep tailoring our offering, and delivering new products that fill the gaps we see in the market.”

Original article featured here…

LendInvest recently appointed Esther Morley as managing director of homeowner mortgages.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/lendinvest-now-offering-holiday-let-range/

Avamore hires D’mitri Zaprzala

Avamore Capital, the London based short term and bridging finance lender, has appointed D’mitri Zaprzala to its senior leadership team.  Known as an industry heavyweight, he joins the board of directors to strengthen the team and assist Avamore in becoming a top tier lender.

Prior to joining Avamore, D’mitri was head of residential at Octopus Real Estate, where he worked for eight years, and has a strong background in deal origination.

In his new role, D’mitri will co-lead the management team and will also be a member of the credit committee, with a focus on core initiatives for business growth.  He will also be providing guidance on commercial aspects.

The lender hopes that the two new hires, D’mitri and Alan Margolis, will help to achieve lending of over £500million annually.

Michael Dean, co-founder of Avamore said: “It’s an absolute pleasure to welcome D’mitri to Avamore’s Board of Directors. It really is a significant moment for us.

In footballing terms, it’s a bit like having signed Lionel Messi last month, and this month we’ve added Cristiano Ronaldo.”

“Zuhair and I have known D’mitri for a number of years and have seen the impact he has made in our space.

The strength of his experience, depth of relationships and knowledge will be hugely valuable in Avamore’s next phase of growth.

Given D’mitri’s background and longstanding presence in the bridging and development industry, both he and Alan, will allow Avamore to benefit from the input of industry veterans.

It is truly a game changing move to bring them both on board and we look forward to seeing the positive impact which D’mitri will make on the team and the business.”

Alan Margolis, director of Avamore, added: “This is an incredibly exciting stage in Avamore’s growth journey. The lender has grown from strength to strength over the past 6 years and it is the perfect time to scale up quickly and sustainably.

In my first month, I have seen the strength of the team that has led the business to where it is today and there is a huge opportunity to combine the experience of D’mitri and I, with the talent in the team to ensure Avamore is a market leading lender.”

Zuhair Mirza, co-founder of Avamore said: “We’re absolutely delighted to have D’mitri join the leadership team. D’mitri brings tremendous industry knowledge, experience and relationships to the team while sharing the company’s values and ambitious plans for the future.

I very much looking forward to working with D’mitri alongside Alan and Phil as they lead the business through the next phase of Avamore’s journey.”

D’mitri Zaprzala added: “Having observed the company over the last few years I am so excited to be able to join them at such an exciting time for both them, and the specialist lending industry.

The last 6 years have been extremely successful for Avamore, and I hope that I am able to help make the next 6 years even more so.

I have known Michael and Zuhair for some time and it was an easy decision to come and join them.

They have built an exceptional team who have an amazing reputation in the industry, and I cannot wait to work closely with them.

Similarly, I have had the pleasure of knowing Alan for many years and he is someone I have always admired.

I know that together with the talented Avamore team we can achieve great things.”

Original article featured here…

Avamore recently appointed its new director, Alan Margolis, who is now part of the management team and a member of the board and credit committee.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/avamore-hires-dmitri-zaprzala/

Shawbrook strengthens Business Corporate lending team

Shawbrook, the specialist UK savings, development finance, and bridging finance bank, has strengthened its Business Corporate Lending team with three new starters.

James Hogan is the newly appointed director for the team, who brings with him over 17 years of experience in financial services.  Prior to joining Shawbrook, he worked on ABL lending at IGF.  He has also worked at a leading Fintech and spent fourteen years at RBS Group, supporting businesses with leverage finance solutions.

Paul Miller has been appointed as an associate director and Fahim Rahman as an analyst.

James Hogan commented: “We have incredible, innovative and ambitious SMEs here in the UK and I’m passionate about giving their owners and management teams the highest quality service and the tailored financing solutions they need.

“Shawbrook’s culture is compelling. The Bank operates through teamwork, a focus on deep customer relationships and an entrepreneurial spirit. The proposition we can offer is exciting too, covering asset-based lending and leverage finance which means being able to help more businesses across a range of needs. I’m looking forward to using my skills and experience to deliver more exceptional outcomes for Shawbrook clients.”

Oliver Wilson, Managing Director and Head of Commercial Loans at Shawbrook Bank, added: “On behalf of the Corporate Lending team, I’m delighted to welcome our new colleagues aboard.

“It’s an exciting time to join Shawbrook. During the first half of the year alone, the Corporate Lending team completed 30 transactions, providing £125m of new facilities to high-quality UK businesses across a range of sectors including precision manufacturing, professional services, technology, wealth management and training and education.

“I’m certain this talented trio will play their part in helping us at Shawbrook support even more UK businesses to adapt, evolve and thrive.”

Original article featured here…

Shawbrook recently provided formal mortgage offers in less than three hours.  Two customers received the offers using the new digital portal, MyShawbrook buy-to-let.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/shawbrook-strengthens-business-corporate-lending-team/

Roma Finance boosts team with promotions and hires

Roma Finance, the bridging finance, short term lending and buy-to-let finance specialist, has announced new promotions and appointments.  This follows record breaking months for the lender.

Jack Ainsworth has been promoted to senior underwriter and will now be managing structured development cases. James Edwards has also been promoted to senior underwriter and will be working on the recently launched processing channel, RomaFlow.

In addition, a new hire has been added to the underwriting team, Farah Akhtar, who has seven years of experience in the financial services industry.

Adam Gibb joins Roma as BDM for the South West and South Wales.  He worked previously as a bridging and commercial specialist for the Specialist Finance Centre.

Jack Ainsworth said: “I started at Roma as a graduate and have received so much support and training which enabled me to work my way up to underwriter and now senior underwriter.

Roma placed their trust in me and supported me in building my skills and confidence.

The business has changed so much over the last two years and I am really pleased to have been part of the transformation; yet there is more to come.”

Steve Smith, national sales manager at Roma Finance added: “I am delighted to welcome every new member to the business and am thrilled with the expansion and promotions in the underwriting teams.

We have never been so busy and we are recruiting the finest talent into the business to deliver the best results to our intermediaries partners and their customers.”

Original article featured here…

Roma Finance recently 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.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/roma-finance-boosts-team-with-promotions-and-hires/

LendInvest strengthens team with Esther Morley appointment

LendInvest, the London based buy to let finance and bridging finance platform, has appointed Esther Morley as managing director of homeowner mortgages.

Esther joins from Secure Trust Bank where she was managing director of mortgages.  Prior to that, she spent ten years at the specialist mortgage business, Kensington Group. In that role, she was responsible for origination and portfolio performance.

Last month, LendInvest announced another new hire, Peter Wallis, as its new VP of Technology.  He will be responsible for overseeing the growth of Product and Technology teams via a recruitment drive, with the aim of doubling the headcount.

Rod Lockhart, chief executive of LendInvest, said: “There have been a number of highlights during the period, including a hugely successful securitisation and funding deals signed with a number of leading financial institutions,”

“I am delighted with the team’s continual drive to take advantage of the current positive market conditions by taking profitable opportunities as they present themselves.

“We’re pleased to have strengthened our management team welcoming Esther and Peter to LendInvest.

“They bring high quality skill sets and extensive experience to the company as we seek to scale the business and accelerate our technology roadmap.

“I remain confident our unique business model will allow us to continue to disrupt the property finance market for the benefit of all our stakeholders.”

Original article featured here…

In August, LendInvest 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-strengthens-team-with-esther-morley-appointment/

Hampshire Trust Bank appoints new deputy managing director

Hampshire Trust Bank, the specialist lender, has appointed a new deputy managing director of specialist mortgages.

Louisa Sedgwick joins the lender to work alongside managing director Charles McDowell and the specialist mortgages leadership team.  In her new role, she will support all aspects of the business and work on new initiatives to enhance the existing specialist mortgages proposition.

Previously, Louisa was managing director of mortgages for lender Vida Homeloans.

Charles McDowell, Managing Director of Hampshire Trust Bank, said: “It is an amazing feeling to be drafting this comment to welcome Louisa to the team.

At HTB, collecting talent is in our DNA. If you get the best people, the best things happen – and Louisa’s reputation is second to none.”

I have never shied away from stating our ambition. After an incredible period of growth and success, we are looking to continue on that journey.

Louisa is pivotal in our plans and I’m excited at where we’re going.”

Louisa Sedgwick added: “HTB’s ambition and it’s already successful and solid platform was an attractive combination. I am thrilled to be joining the Bank in such an important role and I can’t wait to get stuck in.”

Original article featured here…

Hampshire Trust Bank recently agreed to acquire 100% of Wesleyan Bank Limited from Wesleyan Assurance Society, the financial services mutual. This is subject to regulatory approval, it is expected that the deal will be completed during the next few months.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/hampshire-trust-bank-appoints-new-deputy-managing-director/

Landbay secured £3.2m in funding in 2021

Landbay, the buy-to-let lender, has bounced back from a ‘constrained’ 2020, securing approximately £3.2m in funding from new and existing institutional investors.

In 2020, according to the lender’s financial statement, loan completions fell year-on-year.  There was an increase of 30% on the total loan book value though, £602.8m in 2020 compared to £460.5m in 2019.  A loss of £2,279,008 was made in 2020, down from 2019’s loss of £3,205,821.

Revenue remained fairly stable in 2020 at £8,037,288, with the total revenue from 2019 at £8,036,201.

John Goodall, chief executive and co-founder of Landbay, said: “Whilst lending was constrained in 2020, quarter on quarter growth resumed in Q2 supported by institutional funding diversification, product and criteria and investment in the new technology which significantly increased efficiencies and underpinned service levels as the business scales,”

“The specialist segment of the overall buy-to-let market continued to grow strongly, driven by professionalising of the sector from regulatory and tax changes. Landbay continues to build a scalable, technology enabled and service focused lender with the aim to become the leading specialist buy-to-let lender in the UK.”

“Signing of further new institutional funding facilities during the year strengthened diversification and funding and the ability to materially increase origination volumes,” added Goodall.

“The strong pipeline at year end and applications levels run rate following a strong recovery post Covid-19 underpins good momentum going in to 2021.”

Original article featured here…

Last month, Landbay added two new mortgage products to its green product range, and made a series of rate reductions.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/landbay-secured-3-2m-in-funding-in-2021/

Hampshire Trust Bank acquiring Wesleyan Bank

Hampshire Trust Bank, the specialist lender, has agreed to acquire 100% of Wesleyan Bank Limited from Wesleyan Assurance Society, the financial services mutual. This is subject to regulatory approval, it is expected that the deal will be completed during the next few months.

Matthew Wyles will lead the combined business at CEO, with Tim Blackwell as CFO.  115 employees of Wesleyan Bank will transfer with the bank as part of the acquisition, and will continue working from the existing offices of the bank.

Matthew Wyles, pictured, Hampshire Trust Bank’s Chief Executive said: “HTB’s growth strategy has always included an intention to supplement our development through acquisition when the right opportunity presented itself.

We are very pleased to have agreed this deal with Wesleyan Assurance Society and we are excited about the added scale and momentum which this transaction will bring to HTB’s existing dynamic franchise.

HTB delivered a very strong trading performance during the first half of 2021 and we look to the future with great confidence.”

Wesleyan Group Chief Executive Mario Mazzocchi said: “Wesleyan Bank has been enjoying considerable success in recent years as it focuses on supporting its professional and SME customers with medium-term asset finance and longer-term secured loans.

Following a strategic review, we found the growth opportunities ahead of the Bank were different to those of our core business, which will continue to focus on the specialist financial needs of doctors, dentists and teachers.

Seeking new ownership for the Bank provides positive outcomes for both businesses, their customers as well as our members and makes strategic sense for all parties.”

Original article featured here…

At the end of last year, Hampshire Trust Bank launched their lowest ever five year rate, a new product exclusively for buy-to-let loans, a 60% LTV five-year fix at 3.25%.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/hampshire-trust-bank-acquiring-wesleyan-bank/

Interbay reduces rates across BTL range

Interbay Commercial, the bridging finance, commercial mortgages and buy-to-let specialist finance provider, part of OneSavings Bank, has relaunched its BTL range.

The range, which recently had maximum LTV limits increased to 80%, now has a 0.25% reduction on rates.  The lender has also removed incremental early repayment charges (ERCs).

The two-year fixed rate product is now available from 3.99% and the five-year fixes from 4.19%.  For the first year, ERCs will be set to 4%, then lowered to 3% for the remaining time of the fixed rate period.

There is no maximum loan amount, no maximum property value and multiple properties will be accepted on a single loan.  This range is offered to individual clients, limited companies, trading companies, trusts, SPV and other complex ownership structures will also be considered.

Emily Machin, head of specialist finance at InterBay Commercial, said: “It’s apt that as the industry celebrates 25 years of buy to let, that this product launch marks our absolute commitment to the buy-to-let market. We’re certainly looking forward to creating tailored business solutions for our broker partners.  

“We’ve earnt a strong reputation for building robust relationships and delivering innovative buy to let solutions for complex and multifaceted deals and this launch means we’ll be able to do even more.” 

Original article featured here…

Interbay recently completed a £30m loan, secured on a mixed-use client portfolio.  The residential investment portfolio includes over 400 properties, which are located in central and northern England.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/interbay-reduces-rates-across-btl-range/

Masthaven promotes Michaela McQueen to senior lending operations manager

Masthaven, the UK bridging loans and development finance bank, has promoted Michaela McQueen to senior lending operations manager.

Michaela has been at Masthaven for nearly six years, having started as an underwriter then underwriting manager, and was promoted to business readiness manager in 2020.

She worked at Prestige Finance as an underwriter before joining Masthaven, and spent a number of months as senior finance officer for the government of Western Australia in Perth prior to that.

In this new role, she will be supporting the lending operations teams and supporting delivery of the bank’s lending via long and short-term product ranges.

She will be reporting to Shelley Connelly, who was recently promoted to director of lending and credit operations.

Shelley Connelly, director of lending and credit operations, said: “At Masthaven we’re always investing in our people so that we can provide the best possible service to our intermediary partners.

“We’re constantly looking for any ways to improve how we operate as a bank and everyone across all our teams is dedicated to this process.

“I’m excited to work with Michaela in her new role and I know she will bring a wealth of enthusiasm and practical experience to the job.”

Original article featured here…

Masthaven recently completed a £600,000 bridging loan within just five working days.  The borrowers were a South East based couple, looking to purchase a £1.25m residential home at auction.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/masthaven-promotes-michaela-mcqueen-to-senior-lending-operations-manager/

Interbay lends £30m secured on mixed-use portfolio

Interbay Commercial, the bridging finance, commercial mortgages and buy-to-let specialist finance provider, part of OneSavings Bank, has completed a £30m loan, secured on a mixed-use client portfolio.

The residential investment portfolio includes over 400 properties, which are located in central and northern England.  The retained client wished to refinance and raise capital on this portfolio, which includes HMOs, houses, apartments and blocks of flats.

Due to the complex company structure, solicitors were involved from the initial stages to make sure the requirements of the client could be met.

Adrian Moloney, Group Sales Director, OSB Group commented: “This was an extremely complicated loan but one InterBay Commercial was able to accommodate due to the team’s in-depth technical expertise and knowledge.

Communication was key and everyone involved worked together to satisfy the requirements of the mortgage offer and to complete the loan and release the capital requested within the client’s timeline.”

Original article featured here…

Interbay recently enhanced its BTL range by increasing the maximum LTV limit across all products.  The reintroduction of a maximum 80% LTV limit (previously 75%) will be supported by two new fixed rate products, a two-year and a five-year fix.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/interbay-lends-30m-secured-on-mixed-use-portfolio/

Masthaven closes bridging loan within a week

Masthaven, the UK bridging loans and development finance bank, has completed a £600,000 bridging loan within just five working days.

The borrowers were a South East based couple, looking to purchase a £1.25m residential home at auction.  They were proceeding with a long-term mortgage but were declined by the initial lender at the final legal stage.  This meant the couple risked losing the £125,000 deposit they had already paid to secure the property.

An application was submitted via Masthaven’s short-term lending portal for a bridging loan.  A £600,000 loan was agreed on a twelve month term, at a rate of 0.53%, at 60% LTV within five working days.

David Kennedy, chief lending officer at Masthaven Bank, said: “The borrowers were upsizing and purchasing their dream home, so the initial rejection was a major disappointment; being able to resolve this and turn their dream into reality means we’re doing our job right.

“This particular case is also testament to the utility and versatility of bridging finance; it can be an incredibly powerful problem-solving tool that is often overlooked and deserves more attention.”

Original article featured here…

Masthaven recently 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.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/masthaven-closes-bridging-loan-within-a-week/

Hope Capital announces new development exit loan

Hope Capital the short term lending and bridging finance house, has launched a new product for residential development exit finance.  This gives the option to switch to a short-term, lower-cost funding option to those borrowers who have a completed residential development which already prepared for sale.

The new product, offering up to 80% LTV with interest rates starting from 0.69%, gives the borrower extra time to repay outstanding capital back to the lender if they are struggling with their current deadline.  It is available on loans from £150k to £5m, with terms up to eighteen months.

Gary Bailey, Managing Director of Hope Capital, commented: “In the current economic climate, with the dual impact of Brexit and Covid-19, both new and experienced investors and developers are facing set-backs due to demand for building materials and labour.

Many borrowers unfortunately at times, find themselves in a position where their current loan is coming to an end, however they have not managed to complete the sale of their development on time.

Investors and developers tend to rely on bridging finance to fund a project, whether that involves covering the cost of building or renovating a property.

However, when the sale stalls and the deadline to pay back the loan is missed, this has a huge impact on the profitability of their development, if they are not in a position to tie up the loose ends of their existing finance obligations.

We recognise this and have created a product which provides brokers and their clients with competitive, flexible and favourable solutions to meet this need and best match their requirements.”

Original article featured here…

Hope Capital recently appointed a new operations manager, Jonathan Britstone.  In his new position, Jonathan will be supporting teams across sales, underwriting and post-completion.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/hope-capital-announces-new-development-exit-loan/

Roma Finance has new processing channel, RomaFlow

Roma Finance, the bridging finance, short term lending and buy-to-let finance specialist, has launched a new processing channel, RomaFlow.  This is for straighforward cases, to expedite the application to completion process and ensure an easier submission for brokers.

RomaFlow has fewer stages and less documentation, using enhanced technology to give a smooth progression to offer and completion.  On straightforward cases, solicitors will be instructed within twenty four hours.

Unless the broker or borrower highlights complex cirumstances, or other challenges, at the outset, all standard bridging cases will now automatically go into RomaFlow.  Those that are complex will remain separate to give underwriters more time to look into the case.

Michael Allison, head of transformational change of Roma Finance, said: “Speed is back with RomaFLOW. We’ve worked really hard to create this improved, smoother process for straightforward cases so we can give brokers and customers the fast service they demand.

We know that brokers love Roma for our lending less ordinary approach and the fact we lend with integrity. But we also recognise they need certainty and speed. That’s what we’re giving them with RomaFLOW.

Brokers don’t need to do anything different. Just send in the case and, unless it’s particularly complex, we’ll put it into RomaFLOW and provide you with much quicker turnaround times.”

Steve Smith, national sales manager at Roma, added: “The pandemic and Brexit has affected speed in the industry across the board. Knowing this is a major issue, I am really proud of the Roma team and their tireless efforts to bring RomaFLOW to fruition.

Our dedication remains to our brokers and customers, ensuring they receive the best possible experience and we look forward to delivering RomaFLOW to everyone as standard.”

Original article featured here…

Roma Finance recently 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.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/roma-finance-has-new-processing-channel-romaflow/

Shawbrook issues formal offers within 3 hours via MyShawbrook BTL

Shawbrook, the specialist UK savings, development finance, and bridging finance bank, has provided formal mortgage offers in less than three hours, working with Watts Commercial Finance.  Two customers received the offers using the new digital portal, MyShawbrook buy-to-let.

The digital platform offers instant indicative mortgage offers (IMOs), 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.

Both of these cases qualified for the new, ‘Non-Portfolio’ product on MyShawbrook which 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 AVM.

The cases received instant indicative mortgage offers, then successful automatic AVMs.  The formal offers were issued within three hours upon receipt of the full applications.  Following this, both signed and returned within fifteen minutes using Shawbrook’s e-Signature technology.

Emma Cox, sales director of the property finance division at Shawbrook Bank, said: “These cases demonstrate exactly the type of effortless and efficient journey we’re aiming for, and there will be plenty more examples of this over the coming weeks and months.

“We’ve made significant enhancements to our Buy-to-Let offering with the introduction of a slick new portal and a complementary new product, so I am delighted to see our customers and brokers benefiting in this way already, and we have some more exciting improvements to announce soon.”

Emma Ross, commercial manager at Watts Commercial, added: “Formal offers within hours are timescales that are practically unheard of, so to receive not just one, but two is fantastic.

“Shawbrook’s new portal has made the application process so smooth and efficient, and if we receive a fast and easy experience, so do our clients, which is what we as brokers aim for.”

Original article featured here…

Earlier this month, Shawbrook 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.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/shawbrook-issues-formal-offers-within-3-hours-via-myshawbrook-btl/