According to the lender, the products increase the maximum available loan size at 75% LTV to £750,000, which is £250,000 more than the current maximum loan size on the Paragon Bank’s core range.
The products are available to limited companies and individuals, and on HMOs and multi-unit blocks as well as standard properties.
Five-year fixed rates are available from 3.75% with a minimum required rental coverage of 125% at 4%. The products also include a free standard valuation and £500 cashback and are available for purchase and remortgage in Scotland as well as England and Wales.
Doug Hall, director of 3mc, said: “Portfolio buy-to-let landlords are becoming more sophisticated and we have seen a growing demand from brokers whose clients are looking for larger loan sizes, particularly when it comes to investing in HMOs and multi-unit blocks. These exclusive products from Paragon Bank provide investors with an achievable and affordable way of funding larger investments, with loans of up to £750,000 up to 75% LTV.”
Moray Hulme, head of sales at Paragon Bank, added: “At Paragon Bank, our team has a wealth of experience dealing with complex propositions and, as an increasing number of portfolio landlords look to grow and diversify their investments, we have recognised the demand for larger loan sizes in this area. We worked with Doug and his team at 3mc to develop these exclusive products and look forward to helping to fund the growing ambitions of portfolio buy-to-let investors.”
