Mortgage distributor 3mc is giving brokers access to what it describes as some of the cheapest investment property funding currently available in the UK.
The funding, provided by Aldermore Commercial Mortgages, is available from 4.8% over three-month Libor (which is currently 0.55%), at up to 70% LTV on loans of between £50,000 and £500,000.
The loans are available to private individuals for residential property only. There is a lender fee of 1.75%.
3mc director Doug Hall said: “There is growing demand for investment property funding and we’re delighted to have negotiated this highly competitive deal with Aldermore. We anticipate strong demand for these funds.”
Rob Lankey, managing director of Aldermore Commercial Mortgages, said: “3mc has built a strong reputation as a leading specialist mortgage distributor and is ideally positioned to advise brokers about funding for residential investment property. We look forward to working with Doug and his team over the coming months.”
3mc provides support to directly authorised brokers and appointed representatives of partner networks. The company, which also has an exclusive deal with the Residential Landlords Association, says it has grown by 40% during each of the past three years and is on track to manage some £1.4bn of mortgage inquiries during 2013.
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