Alliance & Leicester has unveiled a new buy-to-let mortgage product designed to cater for professional residential landlords.
The 'wholesale buy-to-let' home loan deal allows full-time landlords to manage and expand their portfolio.
Only available on portfolios of five or more properties with a total value in excess of £1 million, the bank is prepared to loan up to 75 per cent of the cumulative value.
Landlords can, however, borrow 100 per cent of the value of a new addition to their portfolio and have the guarantee of committed funding via a revolving credit facility secured against the value of the investments.
"Our wholesale buy-to-let product is designed to offer flexibility and committed funding for professional landlords to facilitate active portfolio management," explained Charles White, Alliance & Leicester's director of strategy and commercial property lending.
"We are confident that the new product will meet a demand that is not currently widely catered for," he added.
The mortgage is available to landlords now.
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