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Insurers Venture Into Mortgage Loans
Legal & General are the first of many insurers to venture into the lending business, as more and more banks refuse to refinance businesses.
Launching their lending scheme with a £121m loan to Unite, the UK’s largest property developer and manager of student housing; they hope this will be the first of many property investment schemes.
And the conditions are perfect for such a launch…
With bank finance further retreating, Legal & General received 150 applicants from prospective borrowers before they chose Unite, and it is likely that they’ll receive many more.
And the deal itself is pretty appetising too…
Offering them this £121m loan at 60% loan to value and a fixed rate of 5.05% for 10 years, this is more than 0.5% cheaper than what they are paying for their debt.
But will the idea catch on?
Legal & General are not the first insurance company to venture into lending, and they won’t be the last, not with so many businesses looking for the finance to buy and develop property.
Launching their lending scheme with a £121m loan to Unite, the UK’s largest property developer and manager of student housing; they hope this will be the first of many property investment schemes.
And the conditions are perfect for such a launch…
With bank finance further retreating, Legal & General received 150 applicants from prospective borrowers before they chose Unite, and it is likely that they’ll receive many more.
And the deal itself is pretty appetising too…
Offering them this £121m loan at 60% loan to value and a fixed rate of 5.05% for 10 years, this is more than 0.5% cheaper than what they are paying for their debt.
But will the idea catch on?
Legal & General are not the first insurance company to venture into lending, and they won’t be the last, not with so many businesses looking for the finance to buy and develop property.
Creative licence belongs to: http://www.flickr.com/photos/uniqueideas/6941011287/sizes/s/in/photostream/
More about the author of this article
Fraser Stirling, Property Mentor Delegate
A first time buyer during the property boom of 2007, Fraser Stirling appreciates how high property prices and 20%-40% mortgage deposits can restrict your investment options. However, with the support of a proven investment system, Fraser has successfully managed to change all that and become the proud owner of multiple properties – a journey he feels Property Mentor can help other first time buyers to achieve too. Read more
To see a full list of our writers and find out more about them please visit the authors page.
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