ModaMortgages has been added to TMA Club’s lending panel to provide directly authorised members with access to the specialist lender’s buy-to-let (BTL) mortgages.
ModaMortgages’ product range is available to a variety of landlord types, including those with small or large portfolios, individuals, limited companies, first-time buyers and first-time landlords. It also lends on houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUBs).
Darrell Walker (pictured), ModaMortgages’ director of sales and distribution, said: “We’re delighted to be added to TMA Club’s lending panel. As a newly launched specialist lender, this is an important step on our journey to offering our extensive range of buy-to-let mortgage solutions to as many intermediaries as possible.”
What does ModaMortgages offer?
Since the start of the year, ModaMortgages, owned by the Chetwood Bank family – which is also the parent company of CHL Mortgages – has joined the MAB and Paradigm lender panels.
The lender launched to the wider market in January after a three-month pilot to test its range out on a limited number of distribution partners.
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In an interview with Specialist Lending Solutions, managing director Andrew Arwas said ModaMortgages’ target borrowers were professional landlords who were in varying stages of their property investment careers.
Most of ModaMortgages’ applications will come from landlords who have already incorporated their BTL businesses using simple special purpose vehicles (SPVs). More complex structures will fall under the remit of CHL Mortgages.
Robert McCoy, TMA Club’s senior product and business manager, added: “We are delighted that ModaMortgages has joined our lending panel. By continually broadening the range of lenders available to our brokers, we continue to demonstrate the strength of our offering and ensure they have access to the widest possible range of financial solutions.”
