All of West One’s intermediaries will now be able to access rates between 0.55% up to 50% LTV and 0.85% up to 74.5% LTV on properties valued below £2.5m.
The lender has also made further cuts across its entire range of bridging products.
Marie Grundy, sales director of West One Loans (pictured above), said: “At a time when there is change afoot in the bridging loan market, we see this move to reduce the rates on unregulated residential loans as an important shift to support our core customers.
“Property professionals have long valued our ability to get deals done when time is of the essence, and to take a commercial view when they’ve come to us with complex financing situations for their development or property portfolio work.
“Now, they can get that speed and flexibility with some of the best rates in the market.”
West One’s new rates will also be available for properties over £2.5m by referral.
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The announcement comes amid a wave of bridging rate cuts from lenders, with Octopus Property, United Trust Bank and Masthaven among those who have also reduced interest rates.
Marie added: “For many landlords looking to capitalise on the strong demand for rental property and SME developers crying out for funding for their renovation projects, bridging finance can help them to clear the hurdle of highly competitive supply-side demand and overcome short-term cash flow issues.
“We’ve supplemented that with a wider review of rates on all our bridging product lines, so brokers and borrowers know they have competitively priced options for all their needs.”
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