Legal & General Mortgage Club has added Lendco, an intermediary only specialist mortgage lender that provides real estate investors with non-regulated property finance solutions, to its lender panel.
The addition will give the Club’s network of advisers’ access to a wider range of specialist mortgage products suitable for experienced property investors.
Lendco launched in 2018 with the mission to offer tailored, specialist buy-to-let solutions to professional property investors, no matter how complex their borrowing requirements. The specialist lender has since completed nearly £1bn in total loan originations.
Its maximum loan size for 75% LTV products is £2m, and 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 as well as LA or HA tenancies. If a landlords’ rental income doesn’t meet Lendco’s affordability requirements, surplus earned income can also be used to cover any rental shortfall.
Lendco offer portfolio mortgages, allowing landlords to benefit from the flexibility that comes with having one lender for all transactions. Additionally, the lender accepts applications from ex-patriots and foreign nationals, including registered borrowers in the Channel Islands, the Isle of Man and Gibraltar.
Danny Belton, head of lender relationships, L&G Mortgage Club, said: “We are pleased to be offering this buy-to-let specialist solution to the broker network at Legal & General Mortgage Club.
“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.”
Simon Knight, managing director, Lendco, added: “Joining Legal & General 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.”
