Addition will allow its advisers access to a wider range of specialist mortgage products
Legal & General Mortgage Club has welcomed 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 was launched in 2018 with the mission of offering tailored, specialist buy-to-let solutions to professional property investors. The specialist lender has since completed nearly £1 billion in total loan originations.
Its maximum loan size for 75% LTV products is £2 million, and the maximum loan size per asset is £4 million, and £10 million 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 landlord’s rental income doesn’t meet Lendco’s affordability requirements, surplus earned income can also be used to cover any rental shortfall.
Lendco offers portfolio mortgages, allowing landlords to benefit from the flexibility that comes with having one lender for all transactions. Additionally, the lender accepts applications from expats and foreign nationals, including registered borrowers in the Channel Islands, the Isle of Man, and Gibraltar.
“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,” Danny Belton, head of lender relationships at L&G Mortgage Club, said.
“This range allows brokers to support landlords with complex borrowing requirements, at a time when 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,” Belton continued.
Simon Knight, managing director at Lendco, said that joining Legal & General Mortgage Club was the next logical step in their 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,” he added.