The products are designed for those who want to maximise their portfolios through conversion to HMO or expand into commercial assets.
The new CI3 product is intended for clients who are looking to raise finance against a mixed portfolio that is mainly residential in nature (minimum 70% based on property value) but also has commercial or semi-commercial assets. Previously clients would split their portfolio into two or more transactions and these changes mean they no longer have to.
RR2 is an HMO refurbishment product ideal for experienced property professionals who want to do ‘light refurbishment’ to a property that is currently an HMO or one that it being converted to an HMO to increase the property value.
This product will allow them to purchase or refinance the property, complete the works and release the additional capital value without further arrangement fees.
Karen Bennett, Director of Sales and Marketing, Commercial Mortgages, Shawbrook Bank said:
“As the commercial property market improves, and with the current buoyancy in the buy-to-let market, there is great potential for property investors to improve and grow their portfolios. We’re always looking for ways to help our brokers support their property professional clients, and these two products will help seasoned investors diversify their portfolios or maximise the rental yield and capital value on their property through refurbishment.”
