From today, Paradigm’s directly authorised member firms will be able to access the range of bridging loan deals available from Precise.
Precise offers a range of bridging products, both regulated and non-regulated, in areas such as standard bridging, light and heavy refurbishment, and second-charge lending. There is no maximum loan size and LTVs go up to 75% on standard bridging.
The Precise Mortgages bridging proposition is focused on transparency and educating brokers about how best to use bridging for their customers. Other features of the Precise offering include:
- Lending on residential and investment properties, limited company and individual applications, with security on a first or second-charge basis.
- Lending in England, Wales and Scotland – postcode restrictions do apply.
- No exit fees or early redemption charges.
- Interest can be paid monthly or retained for the term of the loan.
- Gross procuration fee from 1%.
Precise Mortgages will also be offering Paradigm members a dedicated helpdesk to handle all bridging queries.
Bob Hunt, Chief Executive of Paradigm Mortgage Services, commented:
“There are a growing number of lenders in the bridging loan space with a considerable difference in terms of propositions, product offerings and their approach to lending. Precise Mortgages is a relatively new lender in this sector but it has swiftly established itself as a key player and in our opinion is raising the bar of responsible leading by bringing a mainstream mortgage approach to areas such as bridging loan fees and interest rate transparency.
"I have also been impressed by its focus on broker education and its work ensuring the intermediary sector is fully informed about the huge differences between lender offerings and operations. Anyone involved in bridging will know there is a considerable regulatory interest in the sector and the activities of brokers, introducers and lenders. It is therefore important that Paradigm members have access to a bridging lender partner that takes its business seriously and is operated in a clear and transparent manner.
"We believe Precise can offer our members a great opportunity in the bridging space and look forward to working with the team to develop this area.”
Alan Cleary, Managing Director of Precise Mortgages, said:
“The groundswell of opinion from the market is that there needs to be greater transparency in the bridging market and fairer treatment of customers; we are very pleased that Paradigm has chosen to put us on its bridging panel.”
