A new buy-to-let lending product has been launched, containing a bridging element from one lender enabling the purchase to go ahead and a remortgage product from a second lender enabling the investor to know that funding will exist at the end of the bridging term.
The product is available exclusively from 3mc, a mortgage club and packager. It is backed by Aldermore for the remortgage and Precise for the bridge.
The product is aimed at developers as well as professional landlords.
Alan Cleary, managing director of Precise Mortgages, said: “We believe this will be a very attractive product for many property investors.”