The decision was made to further support property investors and developers, following the Bank of England’s decision to increase the interest rate to 1.75%.

Ultimate Finance’s bridging finance range offers loans between £100,000-£3m at up to 75% LTV, all available on a fixed-rate basis from 0.74% per month.

The suite comprises multiple products, including purchase bridging, development exit, refurbishment and development finish & exit.

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Josh Levy, CEO at Ultimate Finance, said: “On the back of a strong performance in our bridging finance business this year, we are committed to continuing to support residential developers and investors, and have taken the decision to freeze our bridging loan rates for the next two months against the backdrop of increasing lending rates in all areas of finance. 

“Our unique position as an independently backed lender allows us to take this decision.”

Liam Cavanagh, head of bridging at Ultimate Finance (pictured above), added: “The current market conditions are making it extremely difficult for residential developers to complete their projects on time and budget, and our products are uniquely positioning to support them in the key phases where re-finance is the best option for them, particularly with our development exit offering.

“Our team know that where property is concerned, speed and flexibility is everything, and freezing our rates will give developers some certainty over the coming months.

“What’s more, once the project is completed and signed off, we can look at a potential equity release to support our borrowers cash flow requirements, whether it be used towards a new project or another business need.”