Merchant Money launches new secured lending solution for landlords
Following the announcement that Merchant Money has attracted over £115m of additional funding and the subsequent overhaul of their business loan offering, they are now launching a new secured loan product aimed at owners of tenanted property.
The loan can be used for a range of purposes including the purchase of additional properties, equity release, refinancing an existing loan or for the general business needs of the borrower.
The loan, secured against a first charge on the rental property (residential, commercial or mixed) has a maximum loan size of £2m over a term of up to 5 years and is available to borrowers across the UK.
Borrowers should be able to demonstrate that the rental income covers the loan repayments and evidence their track history in managing the property being offered as security.
Merchant Money has scaled up its lending to the property sector in recent months and is actively looking to expand its network of property focused brokers.