Mortgage distributor 3mc has cut the minimum loan amount from £250,000 to £100,000 on investment property funding it has negotiated with Aldermore Commercial Mortgages.
Key criteria include:
- Rates from 4.8% over three-month Libor (currently 0.55%)
- Loans from £100,000 to £500,000 up to 70% LTV
- Periods of up to 10 years for interest only and 20 years for capital & interest loans
- Available to private individuals and Limited companies
- Lender completion fee of 1.75%
- 3mc broker fee of 0.5%
- Broker proc fee (including a share of the 3mc broker fee) of 0.75%
3mc director Doug Hall said: “We’ve had strong demand for this funding and a number of brokers have asked if the minimum loan amount could be reduced.
“I’m therefore pleased to announce that this exclusive funding package is now available for loans for £100,000 to £500,000.”