New products offer up to 70% LTV with rates from 0.94% per month
Specialist lender Spring Finance has expanded its offerings with the introduction of a new suite of products aimed at the non-FCA regulated bridging market.
The new range targets standard residential properties, renovation projects, commercial properties, and house in multiple occupation (HMO) conversions, starting at a competitive rate of 0.94% per month.
The products offer up to 70% loan-to-value (LTV) on HMO conversions, with 100% funding available for works, and a maximum of 65% LTV for commercial properties based on market value.
The lender, which ventured into the bridging market two years ago, aims to cement its reputation in the unregulated sector by providing bespoke underwriting, streamlined processes, and reliable funding, with transparent and fair pricing.
“Spring is dedicated to delivering what matters and that means common sense decisions, slick processes and above all, brokers feeling they are working in partnership with us to achieve the funding needs of their clients,” said Jim Baker (pictured), sales director of bridging at Spring Finance.
“The unregulated market is flooded with lending options and promises of cheap pricing and punchy criteria, but the message I hear time and time again is brokers simply want a lender they can trust to deliver the funds. With a hugely experienced team, diverse and robust funding lines, and an absolute dedication to building the strongest relationships, I am sure this offering will be well received.”
Wayne Fitzpatrick, senior underwriter at Spring Finance, highlighted the distinct needs of the non-regulated lending market.
“Brokers want a rapid no nonsense service and to be able to communicate directly with experienced underwriters who understands the deal and is working with them to get the funds as quickly and as fuss free as possible,” he said. “This is a key part of our offering, and I am confident that brokers will love how we work.”
Endorsing the launch, Stephen Burns, a partner at Word On The Street, expressed confidence in the positive reception of the new products within the broker community.
“Those who use Spring Finance already know their process is solid and they can be relied upon to deliver, even with a tight timescale,” Burns said. “The rates, AVM options and increased LTV levels featured in this launch, added to their excellent service will ensure their continued growth.”
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