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A&L targets professional landlords

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.”

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Comment

Dear Delia My client is a buy-to-let investor who would like to buy property at short notice. He needs 2m to buy eight flats in a 12-flat block that are being sold as a job lot. He wants to raise the capital swiftly. He has a number of buy-to-let mortgages with a range of lenders but has never been able to get a mortgage through in less than three weeks. Which lenders provide finance more quickly?

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