Dragonfly Property Finance has further reduced the information it requires in order to increase the speed of applications...
Bank statements showing rent received if the LTV is less than 65% are no longer required by the lender, while PGs for company deals will only be required if LTVs are above 55%.
Mark Posniak, Head of Sales and Marketing at Dragonfly, said the two biggest priorities had always been speed of turnaround and keeping the process of applying for a loan simple.
“In fact, complexity and obstacles to lending are the opposite of everything we stand for,” said Mark.
“With this in mind, and having received new feedback from our introducers, we took the decision to further reduce the amount of paperwork required to get a loan out of the door.”
Mark added that since professional landlords were so integral to its business, Dragonfly was always striving to be as competitive as possible in this area of finance.
“This was the reason for reducing the rental coverage required on our term products to 100% of the deferred interest rate,” said Mark.
“It goes without saying that in a market as populated and competitive as buy-to-let, if you’re not always evolving your products then you will fall by the wayside."
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