Cynergy Bank has launched into the bridging finance space offering a range of unregulated bridging loans of up to £10m.
The Bank, which was previously known as Bank of Cyprus UK, will be offering loans up to 70% loan-to-value for terms of up to 11 months.
Mark Dearman, head of commercial banking and bridging finance at Cynergy Bank, said: “This product provides a funding solution where clients have a timing issue in raising more conventional funding, with a known and proven repayment exit plan.
“Bridging finance will broaden the Cynergy Bank product set in order to deepen the relationship with existing and new clients by offering an extension product complimentary to the current loan offering."
“Cynergy Bank’s mission is to offer the nation’s medium sized property and family businesses a real alternative,” said Nick Fahy, chief executive of Cynergy Bank said. “We are investing in technology, and the best people to help us support these businesses and widening out our product offering with services such as bridging finance. Today’s launch is an important milestone for the bank and our growth ambitions.”
The product will be available for direct applications and through brokers for both new and existing customers and is aimed at UK-based professional landlords and property entrepreneurs.
