Recognise Bank launches professional BTL offering

Recognise Bank has entered the BTL market with a focus on professional landlords and investors with portfolios of at least four properties.

It is the bank’s first lending product since receiving full authorisation and the lifting of deposit restrictions in September.

It offers a maximum LTV of 75% and rates from 3.49%, where borrowers can choose a five-year fixed or a variable deal linked to the Bank of England base rate.

Loans are available from £100,000 to £5m on new acquisitions and refinancing existing portfolios of four properties or more.

Repayment and interest-only payment options can be used for terms of up to 10 years, and can be utilised for single-let residential houses or blocks of flats let on an AST basis.

The product is open to UK-based individuals, partnerships, limited companies and LLPs that meet the bank’s lending and affordability criteria.

Angela Norman, head of corporate development at Recognise Bank, said: “We want to do more than just offer borrowers a BTL loan, we want to show them we are interested in their business and to support their success. 

“Because we take a personal relationship approach to all our lending, it means advisers and their clients can have a proper conversation about their portfolios, knowing we understand their needs and will be able to offer the right funding solution.”

The proposition has been trialled with a select number of brokers, with over £20m of deals either completed or in progress. 

“We are very excited about the launch of our professional BTL loan and have been extremely pleased at the response from the handful of advisers and customers we have worked with during the trial period. 

“We thought it was important to gather feedback about the proposition to ensure it was right before launching it to the whole market.”

Recognise Bank introduced its first range of personal savings products in September, which has enabled it to further increase its lending to small businesses. 

The company plans to launch business savings accounts next year.

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