Kent Reliance will now lend to clients who are looking to borrow through a Limited Liability Partnership (LLP).
This includes borrowers who wish to switch a buy-to-let asset from an individual name into an LLP.
Providing loans to non-trading LLPs is now part of the lender’s standard lending policy and new applications will be subject to the following requirements being satisfied; firstly, personal guarantees for 100% of the loan provided by all LLP members and, secondly, evidence that the company is non-trading.
Adrian Moloney, sales director for OneSavings Bank, said: “Following the Chancellor’s recent changes we introduced products designed specifically for property investors who were moving their investments into a limited company. We are pleased that we can now extend the same proposition to support LLPs.”