Legal & General Mortgage Club has added specialist mortgage lender, Lendco, to its lender panel.
The addition will give the mortgage club’s network of advisers’ access to a wider range of specialist mortgage products suitable for experienced property investors.
Lendco launched in 2018 to offer specialist buy-to-let (BTL) solutions to professional property investors and has since completed almost £1bn in total loan originations.
The lender’s maximum loan size for 75% LTV products is £2m, while the maximum loan size per asset is £4m, and £10m per borrower. Lendco’s HMO mortgages allow up to 8x letting rooms and consider multi-unit leaseholds. If a landlords’ rental income doesn’t meet Lendco’s affordability requirements, surplus earned income can also be used to cover any rental shortfall.
“We are pleased to be offering this BTL specialist solution to the broker network at L&G Mortgage Club,” the club’s head of lender relationships, Danny Belton, commented.
“With landlords buying more homes than they are selling for the first time since 2016, it is imperative that the market offers landlords competitive and flexible solutions, whatever their situation. This range allows brokers to support landlords with complex borrowing requirements, at a time where finances may seem stretched and house prices are surging.
“I have every confidence that this will be a welcomed addition by our adviser community, who can now help their customers benefit from manually underwritten transactions by Lendco’s experienced credit team.”
Lendco managing director, Simon Knight, added: “Joining L&G Mortgage Club is the next logical step in our growth plans. It allows Lendco to upscale its operations by adding a household name to our distribution network, without impacting relationships with our select panel of brokers or compromising on the service we offer them.”
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