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Allica Bank Launches Specialist Buy-to-Let Mortgages
Allica Bank today announced the expansion of its commercial mortgage proposition. The challenger bank is entering the specialist Buy-to-Let residential market in response to extensive broker feedback and the growing demand for specialist property finance, setting an ambitious target of £100 million in specialist Buy-to-Let mortgage offers before the end of the year.
Reinforcing its commitment to supporting brokers and established SMEs, this competitive proposition will provide professional real estate investors and businesses with funding for residential Buy-to-Let property portfolios, houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs).
Brokers can secure up to 75% LTV on loans from £250,000 to £10 million with competitive pricing from 5.80% fixed. Discounts will be applied to larger loans or energy-efficient properties and debt service cover ratios (DSCR) have been set lower than the rest of the term commercial investment mortgage range at 110% or 125% for higher-rate taxpayers.
Nick Baker, Chief Commercial Officer at Allica Bank said, “Our job has always been to listen to what our brokers are saying and provide a proposition that meets their needs and those of the established SMEs that they serve. The introduction of specialist Buy-to-Let mortgages is in direct response to market demand and we have set ourselves a hefty target of £100 million before the end of the year, a target we have hefty desire to significantly exceed!”
Allica launches the product during a period of significant growth for the bank, which last year saw it break through £3 billion in lending to established SMEs and named top in The Sunday Times 100 list of fastest-growing companies. Already this year it has announced rate cuts across its commercial lending products, alongside a refresh of its bridging finance proposition, following its entrance into the sector last year.
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