Shawbrook Bank has improved the criteria on its product aimed at property developers.
The product, which helps developers to raise capital against their residential buy-to-let property, will see LTV increase to 70% as well as a relaxation in some processing requirements, including the reduction of the minimum property valuation to £110,000 and increasing the maximum number of properties in the portfolio to six.
The lender says its has introduced the change to its buy-to-let product based on feedback from brokers, who have seen uplift in demand from property developer customers looking for a ways to release equity from existing their portfolio and avoid remortgaging.
Maeve Ward, head of sales at Shawbrook Bank, said: “The relationships we have with our broker partners are pivotal to our success and we take their feedback incredibly seriously. We are therefore thrilled to be able to put their feedback into practice by making their suggested changes to our buy-to-let product in terms of increasing LTV and added flexibility in terms of our processing procedures.
We believe secured lending will become increasingly popular with our property developer clients who seek a viable alternative to remortgaging.”