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Blemain announces innovative criteria changes

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Blemain announces innovative criteria changes

Blemain Finance has made a series of innovative changes to its secured lending and buy-to-let criteria.


Blemain Finance has made a host of key changes, including lower valuation costs on its secured loan division and an innovative reduction in its buy-to-let term lengths.


The following changes have been made to its secured loan criteria:


• Reduced minimum valuations to £40,000 for prime, £50,000 for light and £60,000 for medium secured loans.

• Higher maximum LTV rates and reduced minimum valuations on medium plans.

• Minimum valuation reduced to £100,000 and relaxed secured arrears rules for heavy adverse cases up to 60 per cent LTV.

• Properties valued below £70,000 will no longer automatically be considered as Type C, increasing the maximum LTV across all plans - other C Type criteria still applies.


Speaking on the changes, Gary Bailey, Sales and Marketing Director at Blemain Finance, commented: “Following on from the significant improvements to our plans in June, we have been in constant touch with brokers gathering feedback and listening to their views. As well as this, in a recent survey we conducted, over 60 per cent of brokers indicated that secured loans and buy to let were the products they would most be focussing on for the rest of the year.


“The updates we have made to key elements of these plans are to help brokers’ clients qualify for more secured loans that may previously have been borderline on LTV, or valuation. We also think the increased LTV and shorter term requirement on buy to let will give greater flexibility when investors are making buying decisions, and so help the broker place more cases.”


Blemain has also made the following changes to its buy-to-let criteria:


• Minimum term reduced from 7 to 4 years.

• Maximum LTV increased from 55 per cent to 65 per cent for medium plan remortgages and second charges

• Properties valued below £70,000 will no longer automatically be considered as Type C increasing the maximum LTV across all plans - other C Type criteria still applies.


The news comes as Blemain’s parent company has successfully closed its £200 million senior secured notes offering, which will provide firms across the Jerrold Holdings repertoire with large increases to their funding capabilities.


Marc Goldberg, Commercial Director at Jerrold Holdings, commented: "The issuance will provide in excess of £100 million of additional funding capacity to allow the business to grow and to support our clients and customers as we continue to see strong demand for our secured lending products.”

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