A lender has launched a new bridging product, claiming it specifically helps landlords overcome market uncertainty and the Renters Rights Act.
The so-called Breathing Space Loan from Somo involves up to 24 months of no monthly payments, loans of £25,000 to £3m, and flexible exit strategies via a property sale, refinancing or an alternative loan product.
Somo describes it as “providing flexibility to accommodate a variety of landlord circumstances and strategies.”
A spokesperson for the lender says: “As the tenancy landscape changes dramatically, many landlords find themselves squeezed. Between rising costs, regulatory pressure and tighter yields.”
An in-principle decision can be reached in 30 minutes, Somo claims.
This article is taken from Landlord Today