Redwood Bank announce monthly profitability

Redwood Bank, the buy to let lender, has announced that is is now profitable on a monthly basis.

The bank, which has its HQ in Hertfordshire, launched in the second half of 2017 and now has more than 5,000 customers.  In total, it has attracted deposits of over £400m and loaned over £400m to small and medium sized enterprises within the UK.

Redwood Bank attributes its success to a focus on customer service, broker engagement and hiring talented people, along with a controlled approached to growth management.

Gary Wilkinson, CEO and co-founder of Redwood Bank, said: “For far too long there has been limited choice for British businesses when it comes to banking; that has changed with the arrival of new challenger banks, which can provide a more nimble and dynamic service, with tailored solutions,”

“We are proud to be different and to provide a better quality of service to our customers.

“Redwood Bank is perfectly positioned to help British SMEs take advantage of commercial and residential property opportunities by offering a highly tailored lending service for customers and brokers alike, built around a team of very experienced regional managers and efficient, nimble, customer-led processes.

“The bank has successfully navigated the unprecedented challenges that Covid-19 has caused; in response to the pandemic, like other lenders, we created a large impairment provision during 2020 against future potential credit losses, as a prudent and responsible approach — without this, we would have achieved profitability in 2020.

“The bank has reached this milestone because we were able to continue to offer vital lending support to British SMEs during the lockdown, when many other lenders retrenched.”

Original article featured here…

Redwood Bank recently agreed a £1,050,000 development loan to Buttermarket Properties to support a mixed-use development in Warrington. The £1.6million project will convert a former branch of RBS on Horsemarket Street, which closed in 2018.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/redwood-bank-announce-monthly-profitability/

Shawbrook expands role of new Enterprise group

Shawbrook, the specialist UK savings, development finance, and bridging finance bank, has expanded the remit of its new Enterprise group, led by Neil Rudge, managing director for business finance.

This follows the coming departure of John Eastgate, managing director for property finance, who will leave Shawbrook at the end of November.  He joined the bank in 2019.

From December, Enterprise will manage Shawbrook’s business and property customers, products and operation.  Emma Cox, sales director for property finance within Enterprise, will be responsible for customers, distribution and proposition, reporting directly to Neil Rudge.

A Shawbrook Bank spokesman said: “John has made a significant contribution to the bank, employing his experience and expertise to help bring the organisation to this point in the journey, and we wish him well for the future.

“Property remains a core and critical market for Shawbrook and we fully intend to grow our share through further innovation and by continuing to develop best in class service for our intermediaries and partners.”

Original article featured here…

Shawbrook recently announced a new BTL mid-range product for portfolio landlords who own simple property types.  Those customers who meet the criteria will be able to benefit from a reduced 5-year fixed rate of 4.09%, up to 75% LTV.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/shawbrook-expands-role-of-new-enterprise-group/

Paragon reduces rates on selected BTL products

Paragon Bank, the specialist lender, has reduced rates on selected 75% and 80% LTV five-year fixed rate buy-to-let products.

The lender’s green mortgage five-year fixed rate, at 80% LTV, has been reduced from 3.99% to 3.85%.  The standard five-year fix at 80% LTV is now down from 4.09% to 3.95%.  There are zero product fees on both mortgages and they come with £350 cashback and a free valuation.

At 75% LTV, the five-year fixed rate has been reduced from 3.35% to 3.15%.  The green alternative is now 3.05%, reduced from 3.25%.  Both come with free valuations and £750 cashback.  There are no application fees on either 75% LTV deal, and product fees for both are charged at £1,995.

Moray Hulme, Paragon Bank’s mortgage sales director, said: “Landlords are looking to add to portfolios to satisfy growing levels of tenant demand. We have re-priced some of our rates to provide investors with some competitive mortgages at 75% and 80% LTV.”

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Paragon recently hired Ray Wong as relationship director, to cover the Midlands, London and South East.  Ray previously worked as relationship director for Shawbrook Bank.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/paragon-reduces-rates-on-selected-btl-products/

West One reveals criteria changes and reduced rates for BTL suite

West One, the specialist bridging finance and buy to let finance lender, has made changes to its BTL product suite, including lowered rates and criteria changes.

In the green product range at 65% LTV, rates now start from 2.99% for a 2-year fix, with a 1.25% product fee.

The lender has also introduced new, limited edition large loan products.  The 5-year fixed rate starts from 3.07%, for loan sizes from £350,000 to £1m, with a 1.5% product fee for standard houses.  For HMOs and MUFBs (up to 6 bedrooms), the 5-year fixed rate product is available at 3.38% for loan sizes of £350,000 to £1m, with a 1.75% product fee.

West One is also now considering new build properties at up to 75% LTV without requiring a prior referral.

Andrew Ferguson, managing director for West One Loans buy-to-let division, said: “These new products and rate changes support our aspiration to become the ‘go-to option’ for brokers in the buy-to-let arena.

“Our continued focus on service delivery and common-sense underwriting, aligned with these product 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…

In September, West One launched its ‘Funding the Future‘ campaign, a new environmental sustainability initiative.  This is supported by Enra Specialist Finance, West One’s parent company.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/west-one-reveals-criteria-changes-and-reduced-rates-for-btl-suite/

Shawbrook completes BTL revamp with new product

Shawbrook, the specialist UK savings, development finance, and bridging finance bank, has announced a new BTL mid-range product for portfolio landlords.  This is to support portfolio landlords who own simple property types.

Those customers who meet the criteria will be able to benefit from a reduced 5-year fixed rate of 4.09%, up to 75% LTV.

The bank has now fully revamped its BTL suite, following the launch of MyShawbrook BTL, its digital portal, to support the ‘entire spectrum of the buy-to-let market’.

Gavin Seaholme, Head of Sales at Shawbrook Bank, comments: “We’ve gradually been enhancing our Buy-to-Let proposition to support the needs of the entire market.

Firstly, with revolutionary technology that improves the application experience for all, and now with products that are carefully designed to suit the requirements of different borrower types.

At Shawbrook we pride ourselves on striking the perfect balance of people and technology and now our products reflect that – offering the perfect blend of automation and specialist underwriting skills for each case, depending on its complexity.”

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Shawbrook recently provided a customer with a £189,000 bridging loan in a time-sensitive case.  Within the requested six week timeframe, Shawbrook was able to complete a bridging loan at 85% LTV.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/shawbrook-completes-btl-revamp-with-new-product/

Redwood Bank provides £1million for Warrington mixed-use development

Redwood Bank, the buy to let lender, has agreed a £1,050,000 development loan to Buttermarket Properties to support a mixed-use development in Warrington.

Redwood Bank is part-owned by Warrington Borough Council and provided the loan to support the development of 14 flats (one, two and three-bedroom units) and 3 commercial units.  The £1.6million project will convert a former branch of RBS on Horsemarket Street, which closed in 2018.

Redwood Bank’s business development manager Sue Young said: “We were thrilled to be able to support a veteran property investor in bringing housing to Warrington town centre.

“Neil was able to place his trust in Redwood Bank and allow us to move swiftly to come up with a solution that worked for all parties.”

Buttermarket Properties director Neil Trainer added: “I’ve been impressed by the can-do attitude shown by Sue and the Redwood team.

“They find solutions to make things happen and the proactive approach has ensured a swift deal which, in the current property market, is vital.”

Original article featured here…

Redwood Bank recently appointed Simon Steer as business development manager for Yorkshire, as part of their growth plans.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/redwood-bank-provides-1million-for-warrington-mixed-use-development/

Redwood Bank appoints new BDM, Simon Steer

Redwood Bank, the buy to let lender, has appointed Simon Steer as business development manager for Yorkshire, as part of their growth plans.

Simon joins from Natwest, where he was a BDM for five years, supporting the broker network.  He began his career with the Royal Bank of Scotland, as a relationship manager responsible for a porfolio of over two hundred customers.  In total, he has over twenty years experience in the financial services sector.

Simon Steer said: “I am thrilled to be joining such an experienced and exciting team. Redwood Bank has a genuine passion for achieving great customer outcomes and I’m determined to play my part to support the bank’s continued growth aspirations.” 

Leon Marklew, director of business development at Redwood Bank, added: “Simon is a great new recruit for our business, with his experience and knowledge in the finance industry, he is a valuable addition to the team.  

“I am delighted he’s joining Redwood and look forward to working with him.” 

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Earlier this year, Redwood appointed a new director of operations, Sebastian Mrotzek.  Sebastian has a wealth of nearly 20 years experience in the financial services sector, having held roles in commercial banks, start-ups and regulators.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/redwood-bank-appoints-new-bdm-simon-steer/

Aldermore’s financing supported Bar Code Data Ltd

Aldermore, the specialist finance lender, has provided a £900,000 invoice finance facility to an Ashton-Under-Lyne based company.  The loan was agreed in 2020 to support the purchase of Bar Code Data Ltd, a provider of barcode solutions such as scanners and mobile terminals.

During the pandemic, Aldermore then provided a CBILS (Coronavirus Business Interruption Loan Scheme) facility to assist the business’ cash flow.  This enabled the company to continue expanding and innovating, creating an app so customers could print their own labels.  Turnover rose by 26% in 2020 and staff numbers grew from 20 to 26, with the addition of 3 apprentices.  The business was also supported by Aldermore in their recent purchase of PMSS, Bar Code Data’s smaller sister operation.

Chris Meldrum, national business development director at Aldermore, said: “We’re delighted to be working with Mike and his team at Bar Code Data.

“The business has used invoice finance to good effect, as it’s helped them to buy the business and get through the pandemic with the knowledge that cash flow isn’t going to be a problem.

“The finance we have provided will continue to help Mike and his team to manage the business’ growth. We look forward to continuing to support the business over the years to come.”

Mike Jackson, managing director at Bar Code Data Ltd, added: “Aldermore’s financing has helped us grow, enabling us to take on additional staff and buy new equipment. It also means we’re never late paying our suppliers. We have a great working relationship with Aldermore.

“The team has always had a really good personal touch and have been on hand to help and direct us, for example with the structuring of the deal. What differentiates Aldermore for me, is the flexibility of the approach.

“We had an invoice finance facility with a high street bank at the sister business PMSS but we’ve actually brought it all over to Aldermore now. Aldermore have genuinely been a great partner for us.

Original article featured here…

Aldermore recently launched two new, limited edition five-year fixed rate buy-to-let mortgages. Both products are five-year fixes, available at up to 75% LTV.  These are for both individual and company landlords and come with zero fees for purchase and remortgage.

source https://commercial-mortgages-broker.co.uk/property-finance-news/aldermores-financing-supported-bar-code-data-ltd/

Hope Capital enhances products available in Scotland

Hope Capital the short term lending and bridging finance house, has enhanced its bridging finance suite for Scotland, which was introduced earlier this year.

The lender has reduced rates, raised maximum LTVs and increased the maximum loan amount to £5m, from the previous £1m limit.

General rates available in Scotland have been revised to align with those for England and Wales, now starting from 0.70% for non-discounted and from 0.39% for discounted rates.  Maximum LTVs have been raised across all property types, now at 75% for residential, 70% for mixed use and 65% for commercial.

Hope Capital has also made the light refurbishment range and the seventies and eighties collections available in the country.

Gary Bailey, Managing Director of Hope Capital, commented: “It was announced earlier this year that we had entered the Scottish market. Since then, Hope Capital has experienced a consistent high level of enquiries from Scotland, which is why we are confident these product improvements will be well received.

By providing lower rates, higher LTVs and more product options, we are now even better positioned to offer more innovative and affordable solutions, which will enable brokers and borrowers to be ideally placed to take advantage of new residential, mixed-use and commercial opportunities in Scotland.”

Original article featured here…

Hope Capital recently announced a new finish and exit bridging loan product.  Rates start from 0.70% per month up to 75% LTV on the product, which is suitable for projects where the development is still in progress.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/hope-capital-enhances-products-available-in-scotland/

Hampshire Trust Bank grows Asset Finance division

Hampshire Trust Bank, the specialist lender, has strengthened its Asset Finance division with two new senior hires.

Ian Corbett has been appointed as head of credit and risk, to lead the underwriting team.  He joins from BNP Paribas where he was head of ELS credit UK, and has also worked for Aldermore and ING lease previously.  In total, he has over twenty years of experience in the Asset Finance industry.

Ian Meyer joins as manager of new business operations.  He joins from Hitachi Capital, where he was operations manager, and has previously held roles at ING Lease UK and Shawbrook Bank.  Ian brings over fifteen years of industry experience with him in addition to extensive experience of the ALFA Lease Administration system.

Ian Corbett said: “Joining HTB at this stage of its continued growth into the Asset Finance market is incredibly exciting. HTB’s proposition already resonates strongly in the broker market: the strength of the existing team as well as recent hires, and an enhanced proposition that embraces clarity and efficiency, were compelling reasons to join the team. I am really looking forward to what the future brings.”

Ian Meyer added: “I am delighted to be joining HTB at an incredibly exciting time in their continued growth into the Asset Finance market. I’m looking forward to being able to apply my experience and knowledge to streamlining processes, building relationships, improving turnaround times for our brokers and customers and to create a more efficient pay-out process.”

Paul Bartley, managing director at HTB Asset Finance, commented: “These latest appointments compliment an already growing team and further enhance our capability and increased appetite to pursue an ambitious growth strategy.

“We have restructured the business in such a way that we are now poised to take full advantage of the economic recovery and significantly extend HTB’s presence in the asset finance market.

“It goes without saying that finding and hiring the very best high calibre team is key to maintaining an exceptional and consistent level of service to both our brokers and customers and these two recent hires show our commitment to this. I am really excited to have the two Ian’s on board.”

Original article featured here…

Last month, Hampshire Trust Bank appointed Sally Wright as head of propositions for the specialist mortgages division. In her new role, she will be working with the recently appointed deputy managing director of specialist mortgages, Louisa Sedgwick.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/hampshire-trust-bank-grows-asset-finance-division/

Avamore completes development loan for St John’s Wood project

Avamore Capital, the London based short term and bridging finance lender, has completed a £13 million loan against a property in London’s St John’s Wood.

The lender’s Finish & Exit product was provided to the client, as it is specifically designed for projects which have not yet been completed.  This project, which will result in nine luxury apartments, was only at foundation level when the loan was requested.

Due to unexpected delays, the client’s initial development loan was coming to the end of its term.  Avamore then provided the loan, which included a £600,000 release of capital against part of the existing works, which the initial lender had not funded.

Andreas Yianni, Relationship Manager at Avamore, said: “I’m delighted that we have once again proven to be the go-to lender for part-completed developments.

I’m proud to be part of a team talented enough to complete deals as complex as this.”

Original article featured here…

Last month, Avamore 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.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/avamore-completes-development-loan-for-st-johns-wood-project/

Shawbrook provides fast bridging loan for portfolio landlord

Shawbrook, the specialist UK savings, development finance, and bridging finance bank, has provided a customer with a £189,000 bridging loan in a time-sensitive case.

The client, a portfolio landlord, wished to purchase a 3 bed end-terraced house in Birmingham at auction for £220,000, in order to renovate and resell it.  The property needed refurbishment works, estimated at £18,000, but was found to have additional damp and asbestos issues as well as roof damage, which added £15,000 to the cost of renovations.

Within the requested six week timeframe, Shawbrook was able to complete a bridging loan at 85% LTV.  This loan included a ‘Lending for Refurbishment Costs’ product addition, in order that the customer could borrow £22,000 of the necessary funds to complete the renovations on the property.

Gavin Seaholme, Head of Sales at Shawbrook Bank, comments: “This case really highlights the benefit of our innovative Lending for Costs product addition.

We were one of the first to bring this to market back in 2018, and it has proven extremely popular, not only helping customers quickly secure their investment opportunities, but also to complete refurbishment projects to maximise their returns.

We launched the product option to meet the demands of the market, and with renovated properties offering the chance to attract more tenants, secure higher rents and boost the value of a property, it’s clear to see the need for this type of solution is as strong as ever.”

Original article featured here…

Earlier this month, Shawbrook published data from its Changing Face of Buy to Let Report.  This data shows that landlords are already starting to improve the energy efficiency of their properties ahead of the new rules, coming into force in 2025.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/shawbrook-provides-fast-bridging-loan-for-portfolio-landlord/

LendInvest cites Scotland as desirable BTL location

LendInvest, the London based buy to let finance and bridging finance platform, has cited Scotland as having the highest BTL yields right now, and predict that house sales and prices will continue to rise in the major cities.  This is due to low supply coupled with high demand.

According to LiveYield, Scotland is currently no 1 in the UK for the highest rental yield, with seven of the top ten locations offering the highest rental yields currently in the nation.

At the moment, Glasgow is averaging 7.9% in rental yield, with East Ayshire coming after at 7.4%

Tatyana Stefanova, business development manager for LendInvest in Scotland, said in a blog on LendInvest’s website: “It really is a very attractive property investment destination offering credible evidence of strong sustained growth in both demand and annual rental returns”

“In bridging, the low supply of houses means buyers are crying out for good-quality housing.

“Whether it be upgrading the housing stock in under-invested in communities before selling, redeveloping commercial properties as towns re-align post-Covid, or acquiring land ready for planning, the buyers are there for the investors looking to take the plunge.”

“We’ve seen an increase of 11.8 per cent in the average property price in comparison to 2020 alongside the highest sales volumes recorded in over 13-14 years”

“What everyone probably wonders is whether or not those trends would continue in 2022 and of course there is always room for speculation.

“Most likely there would be a slight decrease in demand and prices in the more rural areas, however my expectation is that the market will continue to grow especially in major cities across the central belt of Scotland due to the continuous low supply and very high demand.

“This combination of factors creates opportunities in both the bridging and buy-to-let markets.”

Original article featured here…

LendInvest recently boosted its team with two new hires.  Omega Poole is the new head of capital rising and Robert Pritchard is the new head of fund management.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/lendinvest-cites-scotland-as-desirable-btl-location/

Shawbrook research shows landlords are improving energy efficiency

Shawbrook, the specialist UK savings, development finance, and bridging finance bank, has published data from its research, which is part of its Changing Face of Buy to Let Report.  This data shows that landlords are already starting to improve the energy efficiency of their properties.

This is ahead of the new rules, coming into force in 2025, which will mean that rental properties with an EPC rating of D or below will be prevented from taking on new tenants.

According to the research, 17% of landlords and 22% of portfolio landlords (those with 4 or more properties), have taken steps to improve the energy efficiency of their property.  This includes actions such as replacing boilers and heating systems, replacing windows and installing white goods, all of which can positively impact the property’s EPC rating.

Tenant demand can be also boosted by becoming more energy efficient, with one in ten private renters saying they would stay longer in their current property if changes were made to benefit the environment.  Rent increases were also seen as acceptable by tenants if energy efficiency was improved, with 18% of tenants happy to pay more if new windows were installed, 15% would pay more with a new boiler and heating system and 10% happy with a rent increase if solar panels were installed.

Those in rented accommodation stand to save money in energy efficient properties with the predicted increase in energy bills in 2022.

For older properties, it can be more challenging for landlords to improve energy efficiency and thereby the EPC rating.  This may result in some properties being ‘unrentable’ and ‘unsellable’ by 2025.

Data from the Ministry of Housing, Communities and Local Government shows that nearly 14 million homes in England and Wales currently have an EPC rating of D or lower.

John Eastgate, MD, Property Finance at Shawbrook Bank, comments:“For many property owners in the UK, getting their property to a C rating is going to take a lot more than simply installing a new boiler.

The reality is that for older properties – some of which may be listed- it will be an expensive exercise to make the necessary changes.

It’s welcome news that landlords are already acting ahead of the rule change in 2025 and it’s completely right that we should all be considering how to make our properties more energy efficient and environmentally friendly.

Some owners, however, will need support from both lenders, and the government, to make these changes financially possible.

Without this, we risk a substantial part of the private rental sector becoming unrentable and therefore unmortgageable and unsellable in 2025.

With home ownership still out of reach for many this could leave us with a shortage of quality homes to rent.

More needs to be done to help property owners with these changes and at Shawbrook we are working behind the scenes to look at how we can be a part of providing that support.”

Original article featured here…

Shawbrook recently reduced rates across its commercial heavy refurbishment product range.  The new rates are 0.60% per month at 50% LTV, 0.70% at up to 60% LTV and 0.80% at up to 70% LTV.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/shawbrook-research-shows-landlords-are-improving-energy-efficiency/

Aldermore announce limited edition BTL products

Aldermore, the specialist finance lender, has launched two new, limited edition five-year fixed rate buy-to-let mortgages.

These are for both individual and company landlords and come with zero fees for purchase and remortgage.  They also have assisted legal fees, free valuations and zero funds transfer fees on remortgages.

Both products are five-year fixes, available at up to 75% LTV.  For individuals and company landlords submitting two or more properties on one application, the rate is 2.98%.  For individuals and company landlords submitting single residential investment properties, the rate is 3.8%.

For landlords looking to remortgages their HMOs and MUFBs, Aldermore has also introduced assisted legal fees.

Jon Cooper, head of mortgage distribution at Aldermore, commented: “We want to support the many landlords reviewing how they want to manage and grow their portfolios in the future. Our latest product offering provides landlords with competitive rates, assistance on fees, and gives them long term stability so managing their portfolios is easier.”

Original article featured here…

Aldermore recently provided a ten year, £16m, interest only commercial residential investment refinance loan to repeat customer Kexgill Nottingham Limited, a subsidiary of Kexgill Limited.  The loan is to refinance ten student accomodation properties; nine are located in Nottingham and one in Liverpool, with a total of 369 bedrooms across the residential units.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/aldermore-announce-limited-edition-btl-products/

Hope Capital unveil new bridging loan

Hope Capital the short term lending and bridging finance house, has announced a new finish and exit bridging loan product.

Rates start from 0.70% per month up to 75% LTV on the product, which is suitable for projects where the development is still in progress.

Loans are available from £70,000  up to a maximum of £5m, for residential property developments in both England and Wales.  Loan terms are from three to eighteen months, enabling this product to be flexible for the needs of the individual borrower.

This loan is designed for both light and heavy refurbishment projects to be undertaken, and drawdowns are available.  It can also be used to repay existing finances or to complete outstanding works.

Roz Cawood, director of sales at Hope Capital, said: “The finish and exit bridging loan says what it does on the tin, finishing up projects before exit.

“We decided to launch this product after noticing there were a significant number of investors and developers who required funds to finish a development to pay off their existing development loan.

“The bridging loan provides the borrower with much needed additional breathing space and relives any pressure to pay outstanding capital back to the lender if they are unable to do so on time.”

Original article featured here…

Hope Capital recently 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.

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

Landbay announce limited edition BTL remortgage products

Landbay, the buy-to-let lender, has added a new range of five-year fixed rate BTL remortgage products, for loans between £250,000 and £500,000.

These five, limited edition products have been launched during November, as it is traditionally a busy month for remortgaging.

The limited edition range has lower rates than the lender’s core products, of between 15 and 25 bps.  It sits alongside the core suite, which is for loans from £30,000 up to £1.5m.

LTVs are either 65% or 75% and there is a free valuation option on the standard remortgage products.  The new range also caters for HMOs and MUFBs, up to 6 bedrooms or units.

Rates start at 2.95% on standard five-year fixed rates at up to 65% LTV, and 3.09% up to 75% LTV.  For small HMO and MUFB products, the rate is 3.34% up to 75% LTV.

Paul Brett, managing director of intermediaries at Landbay, commented: “We are targeting the mid-range of loans between £250,000 and £500,000 as there will be a large amount of remortgaging over the next few months in this price bracket. In particular, we expect to see an increase in demand for remortgaging of HMOs and MUFBs for loans of this size.

“Five-year fixed rates are very popular with BTL borrowers, especially portfolio landlords, as the affordability stress test that is applied is the pay rate. This starts at 2.95% in our new remortgage range – instead of having to apply a stress test of 5.5% for two or three-year fixed rate mortgages, as prescribed by the Prudential Regulatory Authority.”

Original article featured here…

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

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/landbay-announce-limited-edition-btl-remortgage-products/

Hope Capital boosts team with trio of new hires

Hope Capital the short term lending and bridging finance house, has strengthened its team with a trio of new hires.

Charlotte Holt joins Hope Capital as the new Finance Coordinator. She will be supporting Kate Cowan, the Finance Director.  Previously, Charlotte was with Arc Hospitality Recruitment as payroll manager.

Charlie Gregory and Jamie Gillespie have both joined the sales team; Charlie will support clients in London and the South, while Jamie is an internal BDM.  In their new roles, both Charlie and Gregory will support the volume of enquiries that Hope Capital is now experiencing for its bridging finance products.

Jonathan Sealey, CEO of Hope Capital, said: “Hope Capital has been growing rapidly in the last year and we are delighted to welcome Charlie, Jamie, and Charlotte to the team.

All three appointments will be fantastic additions and I look forward seeing them help grow the business and add value to our offering in their own individual ways.”

Charlie Gregory, BDM at Hope Capital, commented: “I am delighted to join Hope Capital. The skills and expertise of the team, coupled with their passion for delivering an excellent service, is fantastic and I look forward to supporting the company in the future as we continue to go from strength to strength.

My approach as a BDM is to build and cement relationships with brokers, ensuring they fully understand the criteria, while being transparent and honest throughout the entire process.”

Jamie Gillespie, BDM, at Hope Capital, added: “Joining Hope Capital at this exciting time is a fantastic opportunity. I have heard a lot of great things about Jonathan and the team and am really looking forward to playing a key part in ensuring we achieve the ambitious growth plans that have been put in place.

The experience I have obtained previously means I fully understand the requirements and needs of brokers throughout the bridging process and strive to provide an outstanding service to all parties involved.”

Commenting on Charlie and Jamie’s appointment, Roz Cawood, Director of Sales at Hope Capital, said: “Charlie and Jamie will bring great value to our already strong offering and further enhance the support we provide to our broker partners. I have no doubt they will have an extremely positive impact on the business.”

Original article featured here…

Hope Capital recently appointed a new senior development underwriter, Jon Reed.

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

Shawbrook cuts rates for commercial heavy refurbishment suite

Shawbrook, the specialist UK savings, development finance, and bridging finance bank, has reduced rates across its commercial heavy refurbishment product range.

The new rates are 0.60% per month at 50% LTV, 0.70% at up to 60% LTV and 0.80% at up to 70% LTV.

These rate reductions have brought the products in line with Shawbrook’s current residential heavy refurbishment pricing.

Emma Cox, head of sales at Shawbrook Bank, said: “The bridging market is a core part of our proposition and we are delighted to support our brokers and their clients with this pricing improvement.

“We are in constant dialogue with our broker partners about what is important to them in this space, and our product improvement programme demonstrates our commitment to feedback-based change, not only around price, but also in terms of flexibility, service, communication and ease of application — all of which are fundamental to supporting positive customer outcomes.”

Original article featured here…

Shawbrook recently strengthened its Business Corporate Lending team with three new starters; James Hogan as director, Paul Miller as an associate director and Fahim Rahman as an analyst.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/shawbrook-cuts-rates-for-commercial-heavy-refurbishment-suite/

Masthaven now a signatory of Women in Finance Charter

Masthaven, the UK bridging loans and development finance bank, has become a signatory of the Women in Finance Charter.

The Charter requests that financial services firms join forces to ensure a gender balance at all levels.  Signatories pledge to implement four key industry actions, which include setting targets for gender diversity in senior management and annually publishing the progress made in working towards these targets.

Currently, women make up 47% of staffing numbers at Masthaven, holding 34% of senior management roles and 33% of the bank’s board.

Masthaven has launched a number of initiatives to champion gender diversity over the past few years such as the ‘Women in Leadership’ and ‘Emerging Leaders’ programmes.  These are delivered in collaboration with WDI Consulting to provide resources and assist the career development of women in senior and managerial positions at the bank.

Tricia Halpin, chief people officer at Masthaven, said: “The Women in Finance Charter enshrines the values that Masthaven lives by.

“As an organisation, we understand the need to prioritise diversity and inclusion, which is why we’ve invested in our people.

“The bank has launched initiatives to support women in their career development and ensure everyone shares in the company’s success.

“Diversity of all kinds is well known to benefit businesses; diverse viewpoints spark innovation, and a wide range of perspectives means we can better support our customers from all walks of life.

“Diversity and inclusion need to be at the top of the agenda for every organisation and we’re proud to be signing the Women in Finance Charter as we commit to encouraging female talent across the business.”

Original article featured here…

Masthaven recently promoted Michaela McQueen to senior lending operations manager.  Michaela has been at Masthaven for nearly six years; she started as an underwriter then progressed to underwriting manager, and was promoted to business readiness manager in 2020.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/masthaven-now-a-signatory-of-women-in-finance-charter/

Hope Capital strengthens team with new Senior Development Underwriter

Hope Capital the short term lending and bridging finance house, has boosted its team with a new senior development underwriter.

Jon Reed joins with over twenty years of experience in the finance industry.  Most recently, he worked as a senior underwriter for Roma Finance.

With Hope Capital, Jon will be responsible for underwriting and completing case volumes and also supporting the team as the business seeks to enter a new lending space.

Jon Reed said: “This is a brilliant opportunity for me to use my previous experience to help contribute to Hope Capital’s continued success,”

“Speed and efficiency are key when it comes to bridging and I’m excited to be part of a company that recognises this, as well as one which places product innovation and service excellence at the forefront of everything they do.”

Gary Bailey, managing director at Hope Capital, added: “We are thrilled to have been able to appoint Jon as a senior development underwriter and are looking forward to seeing his Hope Capital journey unfold.

“This is a really exciting time for Hope Capital and by Jon joining us, we are better positioned to take on increased business volumes.”

Original article featured here…

Hope Capital recently 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.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/hope-capital-strengthens-team-with-new-senior-development-underwriter/

Paragon hires new relationship director

Paragon Bank, the specialist lender, has hired Ray Wong as relationship director.

He will cover the Midlands, London and South East, focusing on increasing support of the lender’s SME developer customers.

Ray previously worked as relationship director for Shawbrook Bank, for nearly three years.  He also has experience working for NatWest, Santander, Secure Trust Bank and The Ingenious Group.

Ray Wong said: “I’m excited to join Paragon; the company is building a fantastic reputation in the development finance market for delivery and has recorded strong growth in the past three years,”

“I’m joining an experienced relationship director team and I’m looking forward to hitting the ground running and supporting new and existing clients.”

Robert Orr, managing director at Paragon Development Finance, said: “Ray has enjoyed a strong period at Shawbrook, so we are pleased to have recruited somebody with his experience and sector expertise.

“He will complement our existing relationship director team and I’m confident will be a great success.”

Original article featured here…

Paragon recently 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.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/paragon-hires-new-relationship-director/

LendInvest makes two senior hires

LendInvest, the London based buy to let finance and bridging finance platform, has boosted its team with two new hires.  Omega Poole is the new head of capital rising and Robert Pritchard is the new head of fund management.

Omega previously worked in the debt advisory team for Mishcon de Reya and joins LendInvest with 18 years experience as a financier, real estate corporate finance advisor and lawyer.  She will be focusing on leading capital raising efforts in her new role, for both the existing fund and new fund series.

Robert was CEO for Urban Exposure PLC and has also worked for Barclays and CBRE.  He brings over a decade’s worth of experience from the real estate finance sector, in raising, managing and deploying capital.  As head of fund management, he will drive growth and performance.

Omega Poole said: “Having watched the LendInvest business carve a new niche and become a leading property finance asset manager supporting SME developers in the UK over the last decade or so, I’m absolutely delighted to have joined the funds team to help continue the development of our successful funds business,”

Robert Pritchard added: “I am very pleased to have joined LendInvest during such an exciting time for the company.

“The strength of brand and entrepreneurial spirit at LendInvest positions us well to further expand our fund management business and become one of the leading specialist managers in the UK.”

Original article featured here…

LendInvest recently 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%.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/lendinvest-makes-two-senior-hires/