The Business Mortgage Company, the Cardiff based specialist commercial and buy-to-let processor, announces the launch of the 85% commercial mortgage.
After negotiating with its lending panel, TBMC has, in conjunction with two of its partnership lenders, finalised the details of lending schemes offering 85% LTV on an option of full, semi or non status schemes.
Andy Young, managing director at TBMC, says: “In a market where the majority of commercial lending institutions are somewhat cautious in increasing their lending criteria above the usual 70/75% LTV normally available, we consider that this is a major breakthrough in the commercial market and further enhances the already highly competitive product range that we are able to offer our panel of introducers.
“TBMC have consistently developed and introduced new and innovative products to help our introducers stay ahead of the competition and this latest offering is, we believe, the biggest development to hit the commercial mortgage market since the introduction of non status commercial finance some years ago.
“Many clients have been unable to take forward their plans to purchase freehold business premises due to the constraints of needing a 25/30% deposit and these schemes will provide the opportunity to purchase to a much wider range of customers.”
The announcement comes at the same time as TBMC reports a record 130m worth of applications being submitted to lenders during the month of September 2005.
Young says: “September has been an incredible month for TBMC with over 130 million of applications received.
“In fact, this is the highest figure for applications since TBMC was formed 15 years ago, and is over 50% up on September 2004. As a result and following our continued growth during the last quarter, we are well on our way to exceeding our challenging business targets for this year.
“These figures show that TBMC really does add value to intermediary businesses and that there is a continued interest in writing buy-to-let and commercial mortgages.”