On Wednesday we announced major changes to our bridging loan product range. The move will undoubtedly make our products more attractive for intermediary partners and their clients.
A statement of intent
“This revised product mix is a statement of intent. We are now not only the fastest lender in the UK mortgage market, but we are also now among the most competitively priced. We challenge any lender to perform as quickly as we do, at our pricing.”
Christian Faes, co-founder and CEO
Bridging loans will now fall into one of three categories depending on the security and borrower type. The three categories are: Residential Bridging Tier 1, Residential Bridging Tier 2 and Commercial Bridging.
The change reflects the growth of the company and the diversity of funding which allows us to personalise our offering to different borrower needs. The overview below outlines the changes being introduced. If you would prefer to take a closer look, you can download our updated Product Guide.
Residential Bridging Tier 1
For residential properties that match our requirements, Residential Bridging Tier 1 offers the most competitive rates from as little as 0.65% a month for loan-to-values (LTVs) of less than 40%. The trade off for these lower rates is a stricter set of requirements, that both the property and borrower must meet.
Residential Bridging Tier 2
Residential cases that fall outside of our Tier 1 criteria, are likely to be suitable for our Tier 2 product. Our Residential Bridging Tier 2 product allows for larger loans, more diverse property types and non-UK borrowers. For example, HMOs, heavy refurbishments and second charge loans will all fall within Tier 2, where rates begin at 0.70% for LTVs of less than 40%.
Semi-commercial, commercial and land transactions have been given their own standalone pricing. Rates begin at 0.8% for semi-commercial loans, and 1% for commercial and land loans.
*Arrangement fee includes a 1% procuration fee. LendInvest has a flexible procuration fee policy; ask our BDMs about the rates that could apply.
Discuss your clients case today
To see how your client’s case fits with our new products, speak to our Business Development Managers on 020 7118 1133.
If you’d like to see the changes in more detail, click here to download our product guide.