The product enables Momenta Finance to write deals of up to £5m, with terms up to 24 months.
The product is dedicated to fuelling new originations across the UK, bolstering Momenta Finance's commitment to supporting clients in the dynamic UK property market.
Luke Jooste, CEO at Momenta Finance (pictured above), commented: “Launching a product of this nature, and securing this funding line from HSBC in such turbulent times is a testament to our strong belief in the potential of the UK property market.
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“Our revamped bridging loan product is designed to meet the diverse needs of borrowers, providing flexible and competitive financing options for refurbishments, equity releases, development exits, and property purchases across the UK, including Scotland, Wales and Northern Ireland."
The key features of the new product are:
- loan amount range from £200,000 to £5m, with durations extending up to 24 months
- can be used for refurbishments, equity releases, development exits, and acquisitions
- variable interest rates linked to the SONIA rate, which can be rolled up or serviced throughout the loan term
- no early repayment fees
- security on a 1st charge basis
- up to 75% LTV/LTGDV
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