Precise and InterBay launch new bridging proposition

OSB Group has launched a new bridging proposition through Precise Mortgages and InterBay.

Related topics:  Specialist Lending
Rozi Jones
8th April 2022
Emily Hollands OSB
"This launch coincides with the changing property market which includes the increased demand for HMOs and the changes in permitted development rights."

The Group has timed the launch to help with the current high demand for heavy non-regulated refurbishments on properties, which has arisen because of the lack of available stock in the property market. Property stock is down 11% and Government figures show that the supply of private rented housing in England has fallen by almost 260,000 over the past five years.

The Group has introduced a two tier offering in addition to their standard bridging finance range which allows a wider choice of options for brokers. These include structural works and extensions for residential customers or funding for the conversion of commercial premises through the InterBay range.

Rates start at 0.47% for both regulated and non-regulated products with LTVs up to 75%.

A new developer exit range up to 75% LTV is available through InterBay, along with an expanded solicitor panel including dual legal representation.

Conversions of houses into flats and works that require planning permission are available through Precise Mortgages and InterBay, and conversions of commercial units into flats through InterBay.

Emily Hollands, head of specialist finance at OSB Group, commented: “This launch coincides with the changing property market which includes the increased demand for HMOs and the changes in permitted development rights. From our own research and market knowledge, we know that investors are looking at a wider range of properties for conversion into residential units as well as changing commercial usage from pure office space into a combined “work/eat/sleep” offering.

"With our combined expertise across both Precise Mortgages and InterBay, we’re confident in being able to offer the best support and knowledge across short term lending and this new product range cements our commitment.”

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