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Buy-to-let boost from Mortgage Intelligence

Broker club Mortgage Intelligence is creating a commercial lending panel and a development finance scheme for members with clients who want to develop their buy-tolet business.

It plans to unveil the initiative by the end of the month and it is aiming at investors looking to expand their property portfolio but facing difficulties getting sufficient funds from traditional residential lenders such as BM Solutions or Paragon.

The aim is also to create a new revenue stream for brokers wanting to avoid FSA regulation from 2004 as buy-to-let and commercial lending are set to fall outside its remit.

MI is in talks with its parent company Close Brothers to supply funding for the venture which will pay brokers an initial procuration fee of 0.4 per cent and a further 0.2 per cent if clients return to Close for more funding.

The lending panel will include the commercial lending divisions of Royal Bank of Scotland, Bank of Scotland, Nationwide and Norwich & Peterborough.

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