Tuscan Capital launches HMO product range
Bridging lender Tuscan Capital has launched a new range of products aimed at investors looking to grow their exposure to the HMO (Houses in Multiple Occupation) market by building a significant portfolio of assets.
The lender said it had been encouraged to make the move following increased demand from property professionals seeking long-term revenue streams and above average yields difficult to achieve through conventional Buy-to-Let investment strategies.
The lender confirmed the following key features for the its new lending packages:
- Funding available up to £3,000,000
- Funding of purchase price up to 75% LTV
- Funding of refurbishment costs up to 100%
- Funding up to a total of 65% LTGDV
- Transparent drawdown process
Colin Sanders, Tuscan Capital’s CEO, said:
“More property professionals are now turning to HMOs as their long-term strategy choice for real estate investment.
“Higher-than-average yields can be achieved if landlords are prepared to invest in providing high-quality, self-contained accommodation with an element of shared services and which meet the licensing regulations of the local authority.
“With the average age for first-time buyers increasing, and the levels of guaranteed income and deposit required to buy a property on the rise, the demand for affordable rental accommodation in cities and commutable locations has never been greater.”