We created our portfolio buy-to-let product especially for professional landlords looking for one loan to house their entire residential property portfolio under.
This covers 4 or more properties with the facility for an entire buy-to-let portfolio up to a 10 year term, so it’s a practical solution to help professional landlords stay organised. Because we consider the whole portfolio, we can help to keep things streamlined and flexible.
Here’s what you need to know about Hodge Portfolio Buy-to-Let:
- Available for Ltd or LLP companies and individual borrowers
- Gross debt to market value <70%
- Covers 4 or more properties
- Up to a 10-year term offered
- Facility for an entire portfolio.
|Hodge Portfolio Buy-to-Let Loan?|
|Borrower types||Ltd or LLP company.|
|Loan Size||Min £250,000.|
|LTV||Gross debt to market value < 75%.|
|Term||Up to 25 years.|
|Repayment profiles||Interest only options < 75% LTV.|
|Security||Minimum requirement – first legal charge over funded freehold or leasehold property. Assignment of rental income, debenture and other corporate security may be required.|
|Interest margin||From 3.25% to 4.35%|
|Fees||Fees dependent on rate|
To be eligible for our portfolio buy-to-let loan, your clients need to satisfy the following minimum requirements at the time of application:
Completed application form
Available as an online form or downloadable.
Completed tenancy schedule
Please complete the tenancy schedule with information relating to your entire BTL portfolio. This should include details of the secured lending held against each asset (amount, rate, expiry of loan etc.) as we will need this to assess affordability.
Your business plan
Please let us have a copy of your business plan related to your BTL portfolio, this should include commentary as to the portfolios background, income aspirations, sinking fund, or means of funding refurbishment/CapEx, drawing requirements and long-term plans for the portfolio.
Copy of valid passport or drivers’ licence for each director and shareholder. Copy of recent (within the last three months) utility bill for each director and shareholder. The name and address should match the application form. All documents should be certified by a suitably qualified professional.
The most recent three sets of accounts for the borrowing entity. In the event of a newly incorporated entity, the articles of incorporation will be required. As will the relevant details of income and expenditure for the past 3 years.
The borrowing entities previous bank statements from the past 3 months. This should be the borrowing entities main account and be in the same name as the applicant. The bank statements should highlight income, expenditure and any payments to directors and/or shareholders for example salary, emoluments or dividends.
Following approval, we will begin our legal due diligence process. Our solicitors will require:
This will allow Hodge to set up your statement.
Signed Copy of the Bank’s “Approval in Principle” document
This, along with the terms and conditions, will form the basis of the bank’s offer and any underlying facility.
Residential tenancy agreements and tenancy deposit certificates
For all properties which will form part of Hodge’s security.
A copy of the current buildings insurance policy for each property
This should evidence suitable landlord building insurance equivalent to the value of the property each policy is insuring.
A copy of the energy performance certificate for each property
This should evidence compliance that minimum EPC requirements are met (currently required E rating).
A copy of the latest gas safety check record for each property
Evidence of compliance within last 12 months.
A copy of the asbestos survey; and copy of the current Fire Risk Assessment
These are only applicable if any property is not a self-contained residential dwelling (i.e. a whole block of flats or flat conversion building) or any part of the property has a commercial use, such as a shop).
Loan account details
Details of all loans to be redeemed inc. account numbers and sort codes.
Copy of enquiries questionnaire
Providing all required information for conveyancing.
Signed borrower’s declaration
This will instruct solicitors to proceed with the proposed refinance.