Blackfinch Property has expanded its product range to include BTL and commercial term lending to its offering alongside an increase in lending criteria for its current range.
The product introductions come off the back of its completion of three BTL loans worth a combined £3.7m in the first quarter, as well as the completion of a £14.8m development facility – its largest development loan to date.
The BTL funds have been secured against three residential properties in central London, comprising of eight self-contained fully occupied flats close to local amenities and transport links.
Agreed on 24-month terms, the loans will allow the borrower to refinance from a previous lender at a lower rate.
The loans will also be used to increase energy efficiency of the buildings to ensure all are in-line with incoming government standards.
In terms of its new product offering, borrowers will now have access to lower rate development exit solutions on BTL loans, as well as lower interest rate incentives for projects that demonstrate energy efficiency improvements.
Alongside BTL loans, Blackfinch has also added commercial term lending in response to heightened demand from developers and investors looking for specialist lenders with products not linked to the Bank of England base rate.
Nicola Mayes, investment manager at Blackfinch Property, said: “We are delighted to have completed on our first set of BTL loans, brought to us by the fantastic team November Finance.
“These BTL loans are one of several new products that we have brought to market over the last 12 months.
“Our team will now work closely with the borrower throughout the 24-month loan term to provide advice and support, as they look to improve the energy efficiency of their properties to bring them into line with incoming government standards.”
David Higson, head of property at Blackfinch Property, added: “I’m so proud of the growing team and their continued focus on adapting to the needs of our brokers and borrowers.
“Operating in times of fluctuating market conditions has seen those who really listen and evolve their practices come out on top.
“I’m delighted that our new expanded product range and larger lending criteria allows us to welcome more borrowers and brokers onboard and look forward to further growth in the year ahead.”
