Alliance & Leicester Commercial Bank has launched a wholesale buy-to-let product aimed at professional landlords with at least five residential properties in their portfolio, worth a minimum market value of £1m.

The wholesale buy-to-let product will allow a maximum portfolio loan-to-value of 75%. However 100% finance on new purchases will be allowed where the existing loan to value against the existing portfolio permits. Landlords will also be able to redraw funds within facility limits where borrowing is reduced from capital reductions or property sales.

Charles White of Alliance & Leicester Commercial Bank explained: "Our wholesale buy-to-let product is designed to offer flexibility and committed funding for professional landlords to facilitate active portfolio management. We are confident that the new product will meet a demand that is not widely catered for."