Solent Mortgage Services (SMS) has unveiled a product which offers an immediate bridging solution bundled with a guaranteed longer term fixed rate facility for landlords, all within the same product.
The intermediary mortgage and financial services hub’s new ‘bridge to let’ product is funded by Tiuta PLC.
The bridging element is available to 75% of Open Market Value (OMO) for six months. When the property has been refurbished, it is then reinspected and revalued and provided proof of new tenancy is provided, the client can then capital raise up to 75% of the new OMO, if required. The rate is dependent on the final LTV. At 75% the fixed rate is 6.99% for 24 months.
Ian Balfour, CEO at SMS, said: “Tiuta has put itself in the minds of buy-to-let landlords and intermediaries and come up with a really useful product. Landlords can buy at auction with confidence knowing that they can buy with confidence
