With immediate effect, the proc fee on Drawbridge Finance’s £1m+ residential bridging loans will rise from 0.75% to a new level of 1% on completion and a further 0.25% on redemption. It will remain at this level for all loans completing before 31 October 2010.
On loans above £1m and below 60% LTV, the standard monthly interest rate of 0.99% will apply to refinance as well as purchase loans. Normally, it is only available on purchase loans.
The minimum term on the loan is one month, the maximum term 12 months. The minimum loan size is £1m, the maximum £25m.
Jonathan Samuels, CEO, Drawbridge Finance, said: “Drawbridge Finance is fully focused on supporting brokers and this new fee rate over the summer months, coupled with market-leading interest rates, demonstrates this.
“We are committed to getting money into the market, which has gained considerable momentum in recent months.
"Only recently we financed deals of £17m and £24m, which underlines very tangibly that activity levels at the higher end are beginning to pick up.”
