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p>A bridging lender has kicked off the New Year by launching a 0.65 per cent bridging product, with an LTV of up to 75 per cent.
Wellesley Finance has also doubled its maximum loan size for bridging and development loan enquiries to £2 million, which includes rolled up interest and fees added to the loan.
The lender, which launched last year, has seen the introduction of a six-month vanilla bridge product at a rate of 0.65 per cent pcm with the following criteria:
• Max loan including rolled up interest £2 million;
• Minimum and maximum term 6 months;
• Up to 75 per cent LTV;
• 2-week turnaround from receipt of full packaged case to drawdown (subject to valuation and borrowers solicitors);
• No development aspect to the structure;
• 1st charge non-regulated (No owner occupier);
• Residential only;
• No adverse credit history; and
• 2 per cent arrangement fee + no exit fee (1 per cent paid to brokers).
In November 2013, the lender rebranded from Sterling Property Finance to Wellesley Finance. The same month, Wellesley & Co, the parent company, launched the UK’s first peer-to-peer lending platform which lends its own capital in every loan.
As a result of the enquiries on the P2P lending platform - the lender wants to wake up the six6-month term bridging level with its new offering.
Wellesley has also launched an incentive to brokers for more business by introducing a Tier 1 system.
TIER 1 INTRODUCERS
Benefits:
• Pay-away 1.5 per cent of the loan amount (an increase of 0.5 per cent over standard);
• Direct access to Senior underwriters to discuss cases;
• BDM assistance to attend client meetings if needed (subject to availability); and
• Advance warning of rate changes.
Brokers who submit an average of 5 five fully packaged cases per month over a consecutive three3 month period will qualify for its Tier-1 status; performance reviewed quarterly.
Sources have informed B&C that the lender is on the verge of extending its terms, currently capped at 12 months, to 15-18 months.
A bridging lender has kicked off the New Year by launching a 0.65 per cent bridging product, with an LTV of up to 75 per cent.
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