The funding, which is available exclusively via 3mc and provided by Aldermore Commercial Mortgages, is available on the following basis:
- Rates from just 4.8% over 3 month Libor (currently 0.55%)
- Loans from £250,000 to £500,000 up to 70% LTV
- Periods of up to 10 years for interest only and 20 years for capital & interest loans
- Available to private individuals (no corporate loans) for residential property only
- Lender completion fee of 1.75%
- 3mc broker fee of 0.5%
- Broker proc fee (including a share of the 3mc broker fee) of 0.75%
3mc Director Doug Hall said:
“There is growing demand for investment property funding and we’re delighted to have negotiated this highly competitive deal with Aldermore. We anticipate strong demand for these funds and brokers should therefore contact our helpdesk on 0161 962 7800 for further information as soon as possible.”
Rob Lankey, Managing Director of Aldermore Commercial Mortgages, said:
“3mc has built a strong reputation as a leading specialist mortgage distributor and is ideally positioned to advise brokers about funding for residential investment property. We look forward to working with Doug and his team over the coming months.”
3mc provides support to directly authorised brokers and appointed representatives of partner networks. The company has grown by 40% during each of the past 3 years and is on-track to manage approximately £1.4bn of mortgage enquiries during 2013.
