Specialist Buy-to-Let (BTL) lender Fleet Mortgages has announced a new funding partnership with New York-based asset management firm One William Street (OWS) Capital Management.

The additional funding secured by Fleet Mortgages through this new deal with New York-based OWS brings the amount of money the lender has to lend in the UK BTL market up to £1.4bn.

Fleet Mortgages and OWS have worked together before with the asset manager investing in a previous Fleet loan book series, with the lender saying this new relationship shows the confidence OWS has in its operation plus the UK’s mortgage sector.

Since returning to lending in April this year, following a brief period out of the market, Fleet Mortgages has attracted over £600m of new business enquiries and it says this new funding partnership will allow it to grow its product offering in its three core BTL product areas: standard, limited company, and HMO/multi-unit blocks.

Commenting, Fleet Mortgages chief executive officer Bob Young said: ““This new funding partnership with OWS cements our position in the UK mortgage market and provides Fleet Mortgages with a considerable amount of new funding to lend in the BTL sector. It also shows that we are an attractive operation for global investment players and that, even from the perspective of a New York-based business, there is plenty to be positive about in the UK buy-to-let sector and those who operate at the quality end of it.

“During 2019 alone we have secured £1.4bnof funding and we will be utilising this relationship with OWS to ensure we have a highly competitive product offering, and that we can offer BTL mortgage products which are priced well and are available in areas of the sector which are seeing strong demand. Our focus will remain on the professional and portfolio landlords, those utilising limited companies, and on areas such as HMOs where borrowers are seeking higher yields.

“This is an extremely positive announcement to be making, not just for Fleet Mortgages but the entire UK BTL market. It will allow us to move to the next stage in our development as we maintain our focus on BTL ensuring we provide all the support we can to advisers and their clients.”

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