Lending to non-trading LLPs will now be considered part of Kent Reliance’s standard policy. Requirements for new applications include evidence that the company is non-trading and personal guarantees for 100% of the loan provided by all members of the LLP.
The move follows a change to Kent Reliance’s criteria in March when it began allowing buy-to-let clients transfer assets from their individual name to a limited company SPV or an LLP.
Adrian Moloney, sales director for OneSavings Bank (pictured), explained that changes to taxation in the buy-to-let sector had prompted the lender to review its policy for customers.
“Following the Chancellor’s recent changes we introduced products designed specifically for property investors who were moving their investments into a limited company. We are pleased that we can now extend the same proposition to support LLPs,” he said.