This includes borrowers who wish to switch a BTL asset from an Individual name into an LLP.
Providing loans to non-trading LLPs is now part of its standard lending policy. New applications will need to provide evidence that the company is non-trading and personal guarantees for 100% of the loan must be provided by all LLP members.
Adrian Moloney, Sales Director for OneSavings Bank, said:
“Following the Chancellor’s recent changes we introduced products designed specifically for property investors who were moving their investments into a limited company. We are pleased that we can now extend the same proposition to support LLPs.”
