BTL Term finance quicker than Bridging Finance?
Established lender launches new innovative process allowing BTL term finance to complete more quickly than traditional bridging lenders can achieve.
The new process for vanilla BTL cases (including Limited Co. / SPV) essentially means the client can have a credit approved formal offer letter in 2 days, no valuation required and potentially with solicitors to complete due diligence on day 3 of the process. Available for purchases and refinances and terms available on interest only for up to 30 years.
Commercial Finance – Improving Market Sentiment
Significant High-street lender has confirmed they will be reverting to pre-pandemic credit criteria across majority of business sectors. Whilst the pandemic may have negatively influenced current lending criteria available from many institutions, with understandable risk-averse changes being made to business funding terms, we may be seeing the green shoots of more positive market sentiment.
A household business bank has confirmed the return to increased LTV, reduced DSC requirements and extended terms across a number of business sectors which were previously restricted following the initial lockdown. Whilst this isn’t mirrored across all business sectors and from all lenders, it demonstrates the returning confidence to the market and finance support available for businesses looking to expand, purchase premises, refinance existing debt or take advantage of new opportunities.
The gap left last year has been filled by a number of more transactional lenders, who continue to offer a good range of finance support and debt options, however coupled with traditional lines perhaps reopening – the market now offers a number of viable options to most businesses and business requirements.