Recognise Bank has entered the buy-to-let (BTL) market with a product designed for professional landlords and investors with portfolios of at least four properties.
This BTL product is Recognise Bank’s first new lending product since receiving its full authorisation and the lifting of deposit restrictions in September 2021.
With rates from 3.49%, borrowers can choose a 5-year fixed-rate deal or a variable deal linked to the Bank of England Base Rate.
With a maximum loan-to-value (LTV) of 75%, loans are available from £100,000 up to £5m on either new acquisitions or for refinancing existing portfolios of four properties or more.
Repayment and interest-only payment options are available for terms of up to 10 years.
The loans can be used for single-let residential houses or blocks of flats let on an Assured Shorthold Tenancy (AST) basis, and are open to UK-based individuals, partnerships, Limited Companies and LLPs that meet Recognise Bank’s lending and affordability criteria.
Angela Norman, head of corporate development for Recognise Bank, said: “We want to do more than just offer borrowers a buy-to-let loan – we want to show them we are interested in their business and to support their success.
“Because we take a personal relationship approach to all our lending, it means advisers and their clients can have a proper conversation about their portfolios, knowing we understand their needs and will be able to offer the right funding solution.”