Fleet to target limited company buy-to-lets
Fleet, which officially launches on November 26, has set itself a lending target of £250m for next year.
Turrell said: “We see a bit of a gap in the market. It’s a small market but it’s certainly been underserved. If we’re lending to Joe Bloggs then we have to lend to Joe Bloggs Limited.”
Fleet will also be targeting the HMO market although Turrell added that Fleet was cautious about lending to landlords managing poor quality households.
He said some places such as the East end of London and Dover had pockets where there was poor quality housing and poor quality tenants.
He added: “For some of these places you really need an experienced landlord to manage them.”
He was also cautious about new build lending and said Fleet would only be accepting transactions at 60% LTV.
Much of the management team at Fleet originates from Capital Home Loans and Turrell said: “We’re aiming to do what we did.
“Can we can give you good service? Can we give you good price? Can we give you good criteria?
“Hopefully a combination of all three will put us in a good position to restart lending going forward into next year.”