28th May 2019
May has been a busy month at Hodge, as Commercial Lending launched a new product and revamped an existing one.
On Tuesday 7th May the Hodge Portfolio Buy-to-Let Loan was introduced, while the Hodge Development Finance Loan has been overhauled.
Designed to meet the needs of professional landlords with a portfolio of four or more residential properties, the buy-to-let loan offers landlords the flexibility to manage their portfolio as one, with the security of fixed rates from an established specialist lender.
Created for acquisitive landlords seeking to grow their existing buy-to-let portfolio, trade their assets, or utilise their portfolio equity to support new purchases, the move comes as part of a series of changes at Hodge to introduce more flexibility for customers.
Managing director of commercial lending, Kevin Beevers, said: “The Hodge Portfolio Buy-to-Let Loan has been the result of extensive feedback from our customers, as we continue to invest in creating new products to enable them to develop and grow their established property portfolios.
“We’re incredibly excited to introduce the Hodge Portfolio Buy-to-Let loan, and offer a flexible, innovative new service to landlords from a trusted commercial lender. The launch is part of a series of huge developments across Hodge to create more tailored products for our customers, innovate the market and grow our overall commercial lending proposition.”
One of Hodge’s most established products, the Hodge Development Loan, has been updated in line with these exciting changes.
Hodge’s core development lending has traditionally been focussed on large schemes but in response to customer demand, we’ve enhanced our loan package to cater for development finance of £500,000 to £15m, something head of development finance, Paul Green, is very enthusiastic about.
Paul thinks simplifying the application process and documentation pack for loans below the £2m threshold is a big plus for experienced developers, he said: “We’re looking to provide a process and documentation structure that is more aligned to developers expectations for deals of this size. While on our larger schemes we can still utilise bespoke documentation and structures, we recognise the value of standardised documents, simple, swift, cost efficient processes which are appropriately tailored for the smaller deal space.
“We also know how frustrating it can be waiting for a decision, which is why we aim to provide an agreement in principle within 48 hours of receiving a completed application form, plus arranging work-in-progress payments within five days of surveyor valuations.”
Our Portfolio Buy-to-Let Loan is available through a selection of mortgage clubs and networks and packagers, visit our buy-to-let page to find out more.