Buy to let, sized by the rent.
Commercial and semi commercial buy to let mortgages for limited companies and SPVs, from £100k to £25m. The loan is decided by interest cover far more often than by loan to value, and by a residential to commercial split most borrowers have never been asked about. Here is how both work.
By Dominic Whitecross, Co-Founder, HyLend. Last reviewed July 2026.
Who this is for, and who it is not
We act for limited companies and SPVs on non regulated buy to let only. HyLend Limited is not authorised or regulated by the Financial Conduct Authority.
If you are borrowing in your own name, your buy to let may fall within the FCA regulated consumer buy to let regime, particularly where you or a family member have lived in the property. That is not something we can arrange, and an FCA authorised broker is the correct route. We would rather say so now than waste your time.
Value, rent, and which one binds
A commercial or SPV buy to let facility is constrained twice: by a percentage of the valuation and by rental cover against the interest. Either can be the binding limit, and it is common for the rental test to cap the loan well below the loan to value the lender advertises. The valuer's view of achievable market rent therefore matters as much as their view of capital value.
On the capital side, establish which figure the percentage applies to. Mainstream residential stock is usually sized on market value, but higher leverage cases and less standard assets can be sized on a 90 or 180 day figure instead. 90 and 180 day valuations explained →
Timeline on an SPV or portfolio buy to let
Four to eight weeks on a single asset, which is faster than most commercial lending because the valuation route is lighter on standard residential stock and the underwriting is more formulaic. Company documents, director identification and the rental evidence are what usually determine whether it lands at the fast or slow end.
Where the property is already owned and this is a refinance, the timeline shortens further. The honest bridging timeline →
Buy to Let FAQs
What is a commercial buy to let mortgage?
A commercial buy to let mortgage funds property held for rental income where the security is commercial or semi commercial rather than a straightforward residential dwelling. Typical examples are a shop with flats above, offices with residential upper parts, a small parade of units, or a multi unit block held in a company. The lender assesses the rental income against an interest cover ratio rather than assessing your personal income, which is the main practical difference from a residential mortgage.
Do you arrange buy to let mortgages for individuals?
No. We arrange non regulated business only, so we act for limited companies and SPVs rather than individuals borrowing in their own name. Buy to let borrowing by an individual can fall within the FCA regulated consumer buy to let regime depending on the circumstances, particularly where the property has been lived in by the borrower or a family member. If you are borrowing personally, an FCA authorised mortgage broker is the right route and we would rather point you there than take an enquiry we cannot properly handle.
What is interest cover and why does it decide my loan?
Interest cover ratio is the test of whether rental income comfortably exceeds the interest payable, calculated at a stressed rate above the pay rate rather than at the rate you are actually charged. On most investment deals this test binds before the loan to value cap does, which means the loan is sized by the rent rather than by the value of the building. Two properties worth the same amount can support very different loans if their rents differ.
How does the residential and commercial split affect my options?
On semi commercial property, the residential and commercial elements are usually valued and stressed separately, and the proportion between them decides which lender pool your deal falls into. A property that is predominantly residential by value attracts a different set of lenders, and often better leverage, than one that is predominantly commercial. Establishing that split early is worth doing before an application goes anywhere, because it determines who can look at the case at all.
Can I refinance a portfolio onto one facility?
Often yes. Portfolio facilities secure multiple properties under a single loan with one set of covenants, which reduces administration and can improve pricing through diversification, because a void in one unit is covered by income from the others. The trade offs are cross collateralisation, meaning every property secures the whole debt, and less flexibility to sell individual assets without the lender's consent and a release calculation.
What loan to values are available?
Broadly up to 75% on first charge investment security, though the binding constraint is usually interest cover rather than the loan to value cap. Pure commercial security generally sits at lower leverage than semi commercial, and specialist or single use assets lower again. Where a strong tenant covenant on a long lease is in place, both leverage and pricing can improve.