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Archive for the ‘Lender News’ Category

5 ways Keystone, one of our lenders can help you with your BTL mortgage

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  1. Lending to portfolio & first-time landlords
  2. Applications from individuals, SPVs and trading Ltd Co’s accepted
  3. Deposits from trading Ltd Co’s for SPV purchases can be considered
  4. Remortgages within 6 months of purchase at enhanced property value
  5. Lending on HMO’s (8-beds), multi-units (10 flats), new build properties & flats above commercial

 

Great 5 year fixed BTL from Fleet Mortgages.

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New 5 year fixed BTL of 3.89% at 75% LTV from Fleet Mortgages. Fee 1% for personal & 1.5% for limited. Rent cover 135% personal & 125% of pay rate for limited. No maximum on properties owned and straightforward paperwork for portfolio landlords. Be quick before these products go.

Contact Searchlight now to see how we can help.

 

Auction Finance at 75%

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Yes 75%. Valuation instructed same day and a fast track legal process to reduce the stress. All the lender asks is that you have at least two rental properties.

Contact us now to get your purchase agreed.

 

Time to change banks?

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I deal with the Bank’s every day and its clear there is a huge difference in what they say in the media and what they do. They keep banging the drum that they are open for business and they have money to lend. But do they want to lend? Yes they do but you now have to work at getting the funding.

I see three main issues with the lenders:

1. Managers who don’t understand business – most of the experience has gone
2. Faceless underwriters who are scared in putting their name on a “YES-we will agree this one”
3. They don’t have as much money as they use to so the quality line has gone up.

On the positive side, it is getting better and more lenders have entered the market.

To maximise your chances of getting the funding:

1. Keep them informed on a regular basis-they don’t like surprises
2. Treat them as a shareholder
3. Tell them about your future plans and not just the past
4. Draw up a business plan. It can be just 1 page
5. Show them numbers – they like numbers. As well as your last annual accounts show them current figures as well
6. Advise them in advance of any cash flow issues. You are more likely to get it paid
7. Find out how your manager is targeted – see how you can help them

At Searchlight we have strong relationships with the lenders so if your current lender says no contact us to see how we can help.

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Searchlight Finance Limited is registered in England and Wales No.07929050 Searchlight Finance Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (http://www.fca.org.uk/register) under reference 743220. The FCA do not regulate Business Buy to Let Mortgages or most Commercial Mortgages and Bridging Finance. ICO Number Z3109319. Your property may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.

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