"Bridging finance will broaden the Cynergy Bank product set in order to deepen the relationship with existing and new clients"
Cynergy Bank - formerly Bank of Cyprus UK - has launched its first range of bridging loans which will be available through brokers.
The range of unregulated bridging loans will be available up to £10m at a maximum LTV of 70% and a maximum term of 11 months.
This is the first product launch for Cynergy Bank since its rebrand in December 2018.
Mark Dearman, head of commercial banking and bridging finance at Cynergy Bank, said: “This product provides a funding solution where clients have a timing issue in raising more conventional funding, with a known and proven repayment exit plan.
“Bridging finance will broaden the Cynergy Bank product set in order to deepen the relationship with existing and new clients by offering an extension product complimentary to the current loan offering.
Nick Fahy, chief executive of Cynergy Bank, added: “Cynergy Bank’s mission is to offer the nation’s medium sized property and family businesses a real alternative. We are investing in technology, and the best people to help us support these businesses and widening out our product offering with services such as bridging finance. Today’s launch is an important milestone for the bank and our growth ambitions.”