Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Recognise Bank Raises LTV on Residential and Bridging Loans to 80%
Recognise Bank has increased its maximum loan-to-value (LTV) on residential bridging finance from 75% to 80%. The bank has also introduced short-form and automated valuations (AVMs) on selected residential bridging cases.
The bank’s bridging proposition covers a range of residential and commercial property types. These include buy-to-let portfolios, houses in multiple occupation (HMOs), mixed-use and semi-commercial assets, commercial investment properties, and owner-occupied businesses. Rates for these products start from 0.77% per month.
Recognise Bank states that the enhanced LTV offering is designed for well-presented residential properties with strong appeal to owner-occupiers and investors, and that can be readily marketed and sold if required.
These changes may be relevant to letting agents and inventory clerks working with landlords and property investors who are considering bridging finance for buy-to-let, HMO, or mixed-use properties.
Source: Mortgage Strategy