Alliance & Leicester Commercial has launched a wholesale buy-to-let product aimed at professional landlords with larger portfolios of predominantly residential investment properties.
The launch follows the bank’s move into the retail buy-to-let market earlier this year, A&L plan to develop a specialist commercial property lending business encompassing both the commercial and residential investment markets.
A&L Commercial Bank’s wholesale buy-to-let product is designed for professional landlords with residential investment portfolios of more than five properties or a minimum market value of £1 million.
It will also allow a maximum portfolio loan-to-value of 75%. However, 100% finance on new purchases will be allowed where the existing loan to value against the existing portfolio permits.
Charles White, director of strategy and commercial property lending at A&L Commercial Bank, says: “Our wholesale buy-to-let product is designed to offer flexibility and committed funding for professional landlords to facilitate active portfolio management.
“We are confident that the new product will meet a demand that is not currently widely catered for.”