Legal and General Mortgage Club has expanded its commercial lending panel to help brokers gain access to finance ahead of changes to buy-to-let (BTL) underwriting rules.
The new panel sees existing business partner Omega joined by master brokers Synergy and Connect for Intermediaries, widening brokers’ access to commercial finance opportunities.
The move comes ahead of the Prudential Regulation Authority’s (PRA) 30 September deadline for tighter underwriting standards for portfolio BTL, which could boost demand for alternative methods of finance for brokers’ clients.
All three master brokers on L&G’s panel are members of UK-wide trade body The National Association of Commercial Finance Brokers.
Paul Hopton, relationship and development manager at L&G Mortgage Club, said: “Legal & General Mortgage Club is committed to being a one-stop shop for our broker partners, no matter what their mortgage need may be.
“The opportunities in the commercial lending space are growing fast, and with the PRA’s changes to portfolio buy-to-let fast-approaching, more brokers will be looking to commercial loans to help their clients gain access to the funding they need.”
Piotr Twaits, sales director at Synergy, added: “Synergy are delighted to be partnering with L&G Mortgage Club to provide its members with access to commercial funding options.
“We have developed a close working relationship with L&G Mortgage Club and see this partnership being a strong addition to what the club offers its members and their clients.
“Club members will have the opportunity to further deepen relationships with their clients, and open up new revenue streams for themselves. We are excited to see this relationship grow, and look forward to meeting club members to see how we can help.”