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Independent commercial finance and bridging specialist Crystal Mortgages has launched a new range of buy to let products for landlords.
The portfolio of loans offers a number of purchase, capital-raising and remortgage products with loan-to-values of up to 75% of the property price.
Interest rates starts at Bank of England base rate (0.5%) plus 1.99%.
Minimum borrowing is £25,000, with a maximum of £10 million.
Crystal Mortgages claim lending decisions will be on merit rather than automated application processes that mainstream banks and building societies rely on.
The firm is inviting buy to let applications from first-time landlords, professionals with multiple property portfolios and companies – including self-certification and adverse borrowers.
Senior underwriter Roger Dewsbury said: “High street banks have become hugely over-reliant on automated answering systems, and not only is the criteria so stringent that most applications are declined on the spot, there is no room for appeal.
“We know that there are thousands upon thousands of good buy-to-let owners who are being restrained financially, and we will guarantee that all applications that come into our business are looked at by an experienced adviser and will be considered thoroughly on its merit.
“The buy-to-let market is booming and we want to assist where we possibly can.”
Crystal Mortgages has issued £69 million of business in 2011, with completions up 86% in the first three months of the year.
The lender also notes a trend in buy to let investors shifting their attention to semi commercial properties – flats over shops or offices.
Crystal Mortgages points out that yields are good on semi-commercial property, while the specialist nature of borrowing means funding is not as restricted as buy to let.
Decisions in principle on buy to let and semi commercial projects are confirmed within 24 hours.
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