Metro Bank has recently announced that it launched its first Limited Company Buy-to-Let product as part of its continued focus on becoming a leading specialist lender.
Owning a property through a Limited Company structure “can be more tax efficient than owning the same property on an individual basis, providing landlords with greater flexibility to both manage and grow their portfolios.”
Charles Morley, Director of Mortgage Distribution at Metro Bank comments:
“Launching a Limited Company Buy-to-Let product has been on our agenda for some time and we’re really excited for it to go live as we continue our journey to becoming the number one specialist lender on the high street. Owning a property portfolio within a Limited Company rather than as an individual can bring a number of benefits. While Limited Company Buy-to-Let is already an established market, we see the potential for it to grow even further.”
Metro Bank’s Limited Company Buy-to-Let product in detail:
- Maximum 75% LTV
- 125% of the mortgage interest amount calculated at our standard Buy to Let stress rates
- Limited Company must be non-trading and must be limited to solely holding residential property and not engaged in wider activities (must be an SPV).
- Up to four Directors/Shareholders accepted. They must be the same people and have 100% shareholding
- No minimum income but at least one Director must be earning an income (other than rental)
- Portfolio landlords accepted – providing a maximum of 10 properties with Metro Bank (under £10m aggregated debt), or a maximum of 10 properties in total
Maximum age 85 (mortgage term based on the oldest applicant)
As covered in early May 2024, Mach Recruitment, a Leeds based specialist recruitment business has agreed a £45m invoice finance facility with Metro Bank.
As a specialist recruitment business working in the ecommerce and food sectors, Mach Recruitment will use the financing “to support its acquisition ambitions and continued desire to grow and diversify.”
The invoice finance package from Metro Bank will “provide the additional funding it needs to meet the long-term needs of this entrepreneurial and market-leading business.”
Mach Recruitment was advised by Mazars Debt Advisory. Metro Bank was advised by European Valuation and Shoosmiths.