BridgingBuy-to-letSecond Charge

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.”

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