Bank to boost property investment lending

29 March 2011

Written by Jenny Barrett

Whiteaway Laidlaw Bank (WLB), will relaunch on Thursday 7th April. Targeting SMEs, it will specialise in commercial mortgages.

WLB has been established since 1944 and became a licensed bank in 1971. In January 2011 it was acquired by RBS Equity Finance, who have provided substantial capital to help the business grow.

The news will be a real boost to both business owner-occupiers and property investors who have seen the number of willing lenders dwindle since 2008.

Investors can expect to see lending on residential, semi-commercial and commercial properties. Terms will include loans from £50,000 to £750,000, interest-only options and up to 75 per cent loan to value. WLB is also promising to consider each case on its individual merits, improve upon standard turnaround times and help ease cash flow by offering up to 25 per cent lower monthly repayments.

However, the bank, will not become a high street name; rather, its route to market will be via a small, select panel of intermediaries that understand the sector.

Commenting on the pending launch, David Whittaker, MD at Mortgages for Business said:

"This is just the sort of news the market needs, particularly at a time when many of the high street lenders are asking portfolio property investors to bank elsewhere.  It means a broadening of refinancing options for borrowers and will hopefully bring some much needed competition to the market. At Mortgages for Business, we are particulary delighted to be invited onto the intermediary panel of brokers and are preparing to furnish our clients with more information next week."

More details are expected to be released on 7th April.

To register your interest in WLB call our specialist advisers today on 0845 345 6788 now.