The standard and specialist ranges are available through selected intermediaries Enterprise Finance and Vantage Finance, which are both owned by Enra Group, as well as Brightstar, Dynamo and Connect for Intermediaries.
The standard range is available to individuals and limited companies. The specialist products cater for houses in multiple occupancy (HMOs), multi-unit freehold blocks (MUFBs), ex-pats, holiday lets and AirBnB properties.
The range offers two- and five-year fixed terms with rates from 3.39 per cent. The maximum loan-to-value is 80 per cent and loan size £2m. There is a fast-track remortgage option for individuals up to £750,000.
“Our loans will be available in England and Wales. We have ambitious plans for our BTL business, which includes a phased rollout through a wide distribution of key broker partners,” said Marie Grundy, West One Loans sales director (pictured).
“We’ve become a significant lender in the second charge mortgages market, completing 2,000 loans, since we launched those products in 2017. Our development finance offer has helped developers from Farnham to Norfolk to Liverpool. We’re an ambitious company and we’ll take the same approach to become a meaningful player in BTL too,” she added.
“We are seeing an increase in applications from professional landlords with larger portfolios of properties, while there are fewer landlords with one or two properties. Holiday lets are currently exempt from the changes in tax relief, therefore we could see more demand in this area.
“These factors can make it harder for landlords to borrow on the high street and we believe that our specialist, case-by-case approach can help,” Grundy said.
A broker portal designed specifically for BTL intermediaries has been launched to support the range. This will be followed by a case hub to support communication with West One’s underwriting team.
Ferguson has a wealth of experience in BTL lending. He was previously commercial director at Foundation Home Loans, established the BTL service at Axis Bank and held a senior role at Kent Reliance.
“This is the next step in Enra Group’s growth following the launch of development finance last year and second charge mortgages in 2017. We’re committed to providing a wider reach of specialist lending products.
“Andrew has a track record of building BTl business and a wealth of knowledge and experience,” said Enra Group chief executive Danny Waters.