Friday 14th of July:
1: Quantum mortgages increase their fixed rates for the second time in a week. New guides saved within BTL and semi-commercial section. 2: Paragon mortgages increase their fixed rates by between 0.5% to 0.8% per annum subject to product.
Thursday 13th of July
1: Metro AF increase their rates on both hard and soft assets. 2: Asset Advantage increase their minimum yield from 13% to 14% per annum for regulate business and 16% from 15% for new start businesses. 3: Landbay relaunch their fixed rate products but the product fees come with a crunch. The 5-year fixed rate at 5.15% comes with a 7% arrangement fee, and the HMO 5-year fix at 5.49% has a 6% fee..... what the lenders are doing to keep the stress test calculations down! 4: Investec is brought in to offer invoice finance to supplement their asset finance offering. Pretty prime the main distinction is that Investec has a "Private Companies" division which allows them to put together blended products. For example, an MBI that required funds against the debtors, and assets would be easily put together. In addition to this though, unlike some other blended lenders that advertise a broad asset class but in practice are just IF-led, Investec will also have a very large loans section that considers unsecured funding in the millions for the right clients. 5: Development Bank Wales have increased their development rates by 1% per annum.
Wednesday 12th of July
1: Selina Finance increase their rates for secured business loans.
Tuesday 11th of July
1: Excel-A-Rate Business Services Ltd - New asset finance lender added to LenderHub - an established asset finance and secured/unsecured debt funding lender based in Manchester. • Cover the whole of the UK including Northern Ireland • Hard and soft assets (commercials, tractors, plant, various equipment) • Expertise in agricultural sector • Renewable energy (turbines, solar panels and biomass boilers) considered • The general unsecured loan is only available to existing clients up to £25k for 12 months only. • Start-up lending only available with prior demonstrable experience - otherwise a years worth of trading needed. • Homeowner needed for Hire Purchase although Lease facility available for long-standing tenants. 2: West One release the second BTL update of the month for their fixed rates, with some additional changes to their trackers as well (which remain unavailable for the ex-pat and holiday let products). 3: Paragon update their BTL products. 4: Aldermore remove all of their fixed rate BTL products including their portfolio range of multiple property BTLs. 5: LendInvest brings a range of fixed-rate products back to the market. The rates are market standard with low rates high fees and higher rates / lower fees. The only product they haven't brought the fixes back on is the holiday lets which remain on variable rates....
Monday 10th of July
1: Keystone increase their BTL rates. 2: Fleet increase their BTL rates on fixed products. 3: HTB bring out a new guide for submitting asset finance deals 4: Goldentree confirms that their medium-term commercial mortgage is owner occupier only, tenants to be in-situ day 1 but DSCR covers just 125% of the interest-only pay rate.