Funding for LendingMake Text Bigger
As part of the government’s initiative to support Small and Medium sized enterprises, a number of lenders have signed up to the Funding for Lending scheme run by The Bank of England to provide subsidised commercial borrowing facilities.
At current borrowing levels the participating banks would have access to £60billion of funding. Whilst this is not geared to replace off the shelf BuytoLet mortgage products it could very well assist with commercial mortgage finance and development loan finance. This initiative is to assist businesses with the following advantages in the terms and costs of loans available in the market. Headline details are shown below:
- Interest rate reduced by 1% as part of the Funding for Lending scheme
- Discounts apply for the whole life of the loan not just an initial short term period
- Fixed rate options are available for between 1 and 10 year terms
- Variable interest rates track the Bank of England base rate
- Capital repayment holidays are available
- Can be used to finance both Purchases and Remortgages
- Can be used to finance Owner Occupier businesses or businesses purchased purely for investment purposes
Brooklands Commercial Finance has partnered with participating lenders to the Funding for Lending scheme and is an independent brokerage able to search whole of market.
If you would like to add your own requirements and search for the most popular available Buy to Let products please click here
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