The new product which has been launched for status experienced property landlords to fund residential buy to let investment property, and will include cases requiring light refurbishment, sees the lender cut its interest rates to 0.85%. Interest on the bridging loan will be calculated on a daily rate basis, with no exit fees. The product will also be available for portfolio purchases and refinancing with no restrictions on number of units to be funded, and with no minimum rental cover pre-requisite at the time of the bridging advance; therefore providing the borrower with one of the most effective bridging facilities in the market for quality residential BTL cases.
Bridgebank Capital has announced that this is a fixed rate product, where providing applicants meet the clearly set out product underwriting parameters, they will be offered this product at the rate promoted, therefore ensuring that brokers and borrowers can be confident in the knowledge that during the application process, the interest rate will not change, providing criteria is satisfied.
Steve Woods, Head of Sales commented:
"We are thrilled to announce another development in our lending criteria. We have made a number of changes in recent months and this change further demonstrates our commitment to supporting brokers and their clients by providing competitive, fixed and transparent rates. This product has been specifically developed to attract volume quality BTL bridging business with cost certainty for borrowers supported by our established leading service level support offering. We are looking to materially increase our loan book and see this product specifically as having high volume demand."
