Property company targets rising number of repos for investors
Fast expanding lettings specialist Lomond Capital has launched a new business arm, Lomond Property Asset Management.
The Scottish company said it plans to take advantage of the ‘increasing’ number of banks and other financial institutions looking to off-load distressed property portfolios and will also convert commercial properties into residential buy-to-let units.
The company will also bulk-buy unsold empty units from construction companies at a discount, while furnishing, letting and managing the properties on behalf of investors.
Lomond – which has been buying up lettings agents in Scotland and plans to go UK-wide – says it will also strike deals with construction companies to build units specifically for the buy-to-let market.
Stuart Pender, chief executive of Lomond Capital, said: “Private investors have limited options at the moment with cash yielding such low returns, so this is an opportunity for individuals to see capital growth on a consistent basis.
“As a major Scottish property management vehicle, we have the local knowledge, the relationships and the scale to secure good deals for our customers. We will be bringing innovative, modern property investment practices to Scotland that have yet to be seen here.
“This is the latest step in our plan to bring real value to our clients from the Scottish property sector. We are consolidating the lettings market through major acquisitions and our asset management offering broadens our scope still further.”