The ‘Landlord Rental Advance’ gives landlords the ability to sell future rental income on a non-recourse basis at discounted rates.
The product will launch officially at the Propertymark Conference on 27 June 2023. ARLA Propertymark regulated agents at the event will be the first to gain access.
Richard Kennerly, chief executive of Ampla Finance said it was delighted to be launching the product to ARLA Propertymark members at the conference.
He continued: “Landlord Rental Advance provides liquidity on day one of a new tenancy which the landlord can use for any purpose of their choosing, whether assisting with the purchase of a new rental property, improving the energy efficiency rating of an existing property, or perhaps paying down part of a buy to let mortgage.
“There is no limitation on how the landlord uses the funds released, and they can be secure in the knowledge that provided they keep to the terms of the purchase agreement, there is no recourse to them, even if the tenant stops paying the rent. This really is a ground-breaking product.’
Jason Lee, commercial manager of Propertymark added: “One of the aspects that excites us so much about Propertymark One is its capability to be the launchpad for innovative new products such as Landlord Rental Advance which will only be available to ARLA regulated letting agents. We are delighted to be working with Ampla Finance to arm agents with a variety of solutions to suit their needs”.
