The lender has also updated its valuation methodology, and will base lending decisions on open market value (OMV) rather than 180-day valuations.
London Credit said these changes combined would give clients more leverage to either expand their portfolios or refinance assets.
Marios Theophanous, credit manager at London Credit, said: “Brokers need accessible lending solutions to meet the requirements of their clients. That’s why London Credit has increased the maximum LTV for semi-commercial properties to 70% and introduced open market valuations.
“These enhancements provide brokers with the opportunity to secure greater leverage for their clients on semi-commercial property assets, whether it’s for purchases, refinance, or investment opportunities.”
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Landbay adds HMO and MUFB deals to limited-edition and PT ranges
Landbay has launched four products for small houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs) within its limited-edition range.
The products are available at up to 75% LTV and cover loans between £150,000 and £500,000. The deals are on five-year fixed terms and rates start at 5.09%.
The deals are part of Landbay’s limited-edition range, which was recently expanded to include options for both remortgage and purchases.
Landbay has also added small HMO/MUFB products to its product transfer offering. These are available up to 75% LTV, fixed for five years and pricing starts from 5.09%.
The lender said its product transfer options had been in “high demand” since launching last month.
Rob Stanton, sales and distribution director at Landbay, said: “Given the pressures in the residential market and the increasing number of students, transient workers and foreign nationals, demand for multi-unit properties has only continued to grow. As a lender supporting the BTL market, it’s important that we can offer the necessary products to support broker partners and their landlord clients across the country.
“Another important addition to our product transfer proposition further proves our commitment to grow and expand this valuable product range. We’ve been really impressed by the demand we’ve seen so far and I’m sure this will only continue as both brokers and borrowers explore the competitive rates we’re able to offer, as well as the valuable time and cost savings our approach can deliver.”
