BC Investment Group (BC Invest) has secured a £255m warehouse facility from Credit Suisse to fund UK buy-to-let mortgages to non-resident overseas investors.
The facility will be used to help address what BC Invest claims is an under-serviced market, credit-worthy overseas investors, principally from the Asia-Pacific (‘APAC’) region, looking to secure UK buy-to-let mortgages.
BC Invest’s decision to enter the UK comes on the back of the firm’s growth in the APAC region where it has originated over £1.27bn (A$2.4bn) worth of loans to more than 5,500 customers since it was founded in 2016.
The facility is an extension of the group’s relationship with Credit Suisse in Australia since 2017.
Richard Boyle, executive director, UK at BC Invest commented: “This facility further reinforces our relationship with Credit Suisse. It serves as evidence of their strong conviction in our experienced team and its ability to provide our clients with an efficient service, with market-leading turnaround times.
“It also offers the opportunity to connect them with our extensive network of the leading developers, mortgage brokers, and agents, to enable them to access high quality UK residential properties.
“Having already started to offer buy-to-let mortgages in the UK we look forward to ramping up our efforts to meet the significant demand we are seeing for high quality residential properties from overseas investors in cities such as London and Manchester.”
Will Farrant, head of APAC Asset Finance at Credit Suisse, added: “Credit Suisse is delighted to enable our clients to expand their operations into new markets, utilising our global reach with local on-the-ground client contact.
“This transaction with BC Invest is the perfect example of that and we look forward to working with them worldwide.”