Rowanmoor Pensions has introduced a streamlined lending facility in conjunction with The Royal Bank of Scotland (RBS) for clients considering property purchase.
Clients considering buying a property within a Rowanmoor Pensions SSAS, Family Pension Trust or Defined Benefit SSAS will be able to use the facility, which is available for new and existing schemes.
The streamlined lending facility uses pre-approved documentation, simplifying the administration and legal processes, therefore reducing costs and time taken to process lending applications.
Only one valuation is required, which is undertaken by an RBS panel valuer, says Rowanmoor.
The facility offers an interest rate of 1.8% above the bank base rate for loans up to £1m. There is also an arrangement fee of 1%.
Interest rates for loans in excess of £1m will be negotiated on an individual basis and will draw a minimum rate of 1.85% above the bank base rate or 1.5% above the Libor rate. Trustees’ liability is limited to the assets of the scheme.
Ian Hammond, managing director at Rowanmoor Pensions, says:“We believe that by working with RBS we are able to offer a competitive and efficient lending facility supported by a dedicated and experienced team to ensure each step of the application is carried out accurately.
“Access to such competitive rates is essential, as our own research reveals that nearly 75% of all lending recorded on SSASPro (Rowanmoor’s SSAS Admin system) was above 1.85% abbr and 54% was above 3% abbr.”
Hammond believes the lending facility makes the lending process as ‘straight-forward as possible’ for investors looking to add to their pension pot through property purchase.IFAonline
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