Sharia-compliant finance provider StrideUp has improved its broker proc fee on houses in multiple occupation (HMO) and multi-unit freehold block (MUFB) cases.
The firm will now pay a proc fee of 0.75% on cases submitted directly to the lender of 0.8% for submissions through a network or club, until 31 August.
The enhanced fee is available to broker partners registered with the Financial Conduct Authority, with or without home purchase plan permissions.
This is an increase from the previous proc fee of up to 0.7%.
The change has been made along with rate reductions across its HMO and MUFB products, on both two- and five-year fixed rental terms.
StrideUp now has a two-year fixed residential HMO or MUFB product at 65% finance to value (FTV), priced at 6.495 or 6.54% at 75% LTV. For the respective five-year fixes, the rates are 6.59% and 6.64%.
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StrideUp recently expanded its specialist criteria, doubling its HMO limit to 12 bedrooms and MUFB limit to 10 units. Financing is available at and up to 75% finance to value (FTV), up to £2.5m per property.
Rizwan Ali, director of sales and marketing at StrideUp, said: “We doubled our HMO and MUFB limits because brokers told us professional landlords had limited shariah-compliant routes at this scale. Cutting rates and enhancing the proc fee at the same time is deliberate, the client gets a lower price from StrideUp and the broker is better rewarded for the work these specialist cases involve.
“If you’ve got HMO or MUFB cases in the pipeline, this is a strong window to place them.”