TBMC to bolster bridging and second charge panel
TBMC plans to bolster its bridging and second charge offerings by adding new lenders to its panel this year.
The buy-to-let and commercial focused master broker is currently looking at 10 bridging and second charge lenders, from which it will add a chosen few to its panel.
TBMC currently offers bridging and seconds products from Together, Shawbrook, and Precise.
Jane Simpson, managing director of TBMC, said: “We want to stay completely specialist as a buy-to-let broker but we want to make sure our gaps are filled for landlords and brokers.
“We won’t have a huge panel because don’t want to water things down too much.”
Simpson clearly expects bridging related enquiries to increase this year.
She added: “We are seeing rental calculations tighten and clients are looking for higher yield properties as well as larger ones like HMOs, or ones that need work.
“First charge buy-to-let lenders won’t necessarily lend if the property isn’t in a lettable state, so we are recognising that a first charge it’s necessarily the best way to go.
“A bridge might enable them to get the property, do what they want and then put it into a buy-to-let.
“With regards to second charges, in a number of cases landlords have a lot of equity but don’t want to remortgage because they are on a low rate deal.”