Redwood Bank has increased its average loan to buy-to-let landlords by 68% over the past 12 months.
The Hertfordshire-based challenger bank has increased the total amount of loans to the buy-to-let sector, with the average amount being lent to landlords increasing to £502,000, up from £299,000 12 months earlier.
The bank, which offers products with loan-to-values up to 65%, decided to release these figures to reinforce its message that amid Covid-19 it remains open for new business and has pledged added support for professional landlords.
To further support this, Redwood Bank is now offering new rates starting from 3.99% plus base rate.
Gary Wilkinson, CEO and co-founder of Redwood Bank, commented: “During these challenging times people need stability, reliability and assurance, which is why Redwood Bank has been quick to reach out to professional landlords to offer our support. Our reputation within the professional landlord sector has grown, and people trust us and want us to get involved in supporting the development of their business.
“Being a dynamic Bank, we were able to move quickly in our Covid-19 response. We want to continue increasing our loan book and we’re very keen to help professional landlords with residential investment opportunities.”