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Mortgage for Large HMOs up to 60 Rooms at 75% LTV

Interest Rate 4.00% over LIBOR

Tracker commercial mortgage for large multi unit HMOs. Maximum loan to value of 75% with a pay rate of 4% over LIBOR for term of mortgage. Property may be held in SPV, purchases may be of an existing SPV to mitigate SDLT. Applicant does not have to have experience in running large HMO however the lender will require a rental management company to be used where there is insufficient sector experience.

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Pay Rate4.75%
Rate DescriptionTerm LIBOR Tracker 4.00 over LIBOR
Security ChargeFirst charge basis
Maximum LTV75%
Lenders Fee1.5% ( 1.25% can be added to loan)
Minimum Loan Size£500,000
Maximum Loan Size£3,500,000
Minimum Mortgage Term3 Years
Maximum Mortgage Term30 years
Interest Only Max Term10 years Interest only followed by capital and interest repayment for remaining term of loan
Early Repayment Charges3% in first 5 years, 1% thereafter
Income RequirementsNo minimum income requirements for applicant.
MUFB AcceptedYes
Accepted Property TypesResidential letting houses and flats in England and Wales.
Property Types Cont.Available to ex-council property
Excluded Property TypesHostels, residential care homes
Tenancy TypesDSS tenants accepted. Corporate tenants accepted inc local authority and housing association contracts.
Applicant HMO ExperienceExperience running large HMO required. Management company may be required if applicant has insufficient experience
Rental Stress Test140% at 4.99%
Legal FeesQuoted on application / AIP
Valuation FeesQuoted on application / AIP
Product ReferenceHM21151

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75% LTV Large commercial HMO

For more details about this product or to check if this will be suitable for you, call us on 0117 2232 050