Precise Mortgages has launched an exclusive bridging product to be distributed by a Bournemouth-based specialist packager.
Positive Lending has been selected to handle the new bridge, which is available at a maximum LTV of 75 per cent and charges a monthly interest rate of 1 per cent.
Among other features, the product is available with a free valuation on any property worth up to £1 million and can be underwritten as part of FSA-regulated or unregulated deals.
An initial tranche of £5 million has been made available to fuel both standard and light refurbishment projects.
The bridging product boasts the following features:
• Available at all LTVs for both Standard and Light Refurbishment
• A rate of 1 per cent per month
• Loans from £150,000
• Standard facility fee of 2 per cent
• Standard procuration fees – maximum 2.25 per cent
• Free valuation (of up to £630) for properties worth under £1 million
• Available to FSA Regulated and Non-FSA Regulated loans
• Minimum term of three months, managed by underwriting
• Precise Mortgages will bridge a bridge
Chris Fairfax, Managing Director at Positive Lending, said: “The combination of a high LTV, competitive interest and additional incentives, namely a free valuation, will make this product very popular.”
Precise Mortgages’s Managing Director, Alan Cleary, added: "This product should be excellent for borrowers who want to keep up-front costs to a minimum and Positive Lending, with its extensive broker connections, is perfectly placed to distribute this product."
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