Rachael - Short-term Lending Team Leader
We knew there was an appetite from brokers for something new to help them boost their customers’ rental yields and increase capital value, but we’ve been blown away by how popular our Refurbishment Buy to Let proposition has been since its launch.
The combination of Bridging Finance and a Buy to Let Mortgage in one product seems to have really captured your imagination. Many of you have already registered with us, with more brokers signing up every day as they recognise the benefits it can bring their customers. What’s more, the streamlined application process makes it easy for you to place your customers’ cases with us.
Our experienced team of underwriters is here to process your case as quickly and efficiently as possible. More than 90% of cases are offered within 15 working days, with the average being less than nine days.
Our quickest completion so far saw us receiving a DIP on 9th October, making an offer on 25th October and completing the case on 29th October – that’s a 15 working day turnaround, and includes the keying of the application, underwriting (both elements of the proposal), the offer and completion.
So far, we’ve had applications from a wide range of landlords, including individual and limited company landlords, as well as from HMO and multi-unit landlords, and it’s interesting to see what they’re using it for. We’ve had applications from borrowers who need to install a new boiler to meet minimum EPC rating; from customers who have bought a property at auction and need to carry out light refurbishment work for it to be acceptable for mortgage purposes, such as having a new bathroom or kitchen fitted; and from landlords who want to refurbish a property in order to maximise the rental yield.