JULY 25, 2018 | BY A & S Property
3mc launches exclusive BTL deals with Paragon Bank
3mc has joined forces with Paragon Bank to launch some new exclusive portfolio buy-to-let products.
The products, which increase the maximum available loan size at 75% loan-to-value to £750,000, which is £250,000 more than the existing maximum loan size on the Paragon Bank’s core range, are available to limited companies and individuals, along with HMOs and multi-unit blocks as well as standard properties.
3mc director Doug Hall commented: “Portfolio buy-to-let landlords are becoming more sophisticated and we have seen a growing demand from brokers whose clients are looking for larger loans sizes, particularly when it comes to investing in HMOs or multi-unit blocks.”
Five-year fixed rates are available from 3.75%, with a minimum required rental cover of 125% at 4%.
The products, available for those purchasing or remortgaging in England and Wales as well as Scotland, also offer free standard valuations and £500 cashback.
Moray Hulme, head of sales at Paragon Bank, said: “Our teams has a wealth of experience dealing with complex propositions and as an increasing number of portfolio landlords look to grow and diversify their investments we have recognised the demand for large loans sizes in this area.”
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