It aims to provide NI-based brokers with choice and better service the short-term needs of their clients
Mercantile Trust has announced the expansion of its bridging proposition into Northern Ireland, marking the next phase in the specialist lender’s growth plans.
Its bridging proposition is currently available up to 75% loan-to-value (LTV) on first and second charge bridging loans for residential and refurbishment purposes. Rates start from 0.85% for loans with a minimum term of three months and a maximum of 18 months, ranging from £25,000 up to £150,000.
The announcement follows Mercantile Trust becoming the latest lender to join the Association of Short-Term Lenders (ASTL), and the recent expansion of its sales team with the appointment of a new senior business development manager within the mortgage desk.
Read more: Mercantile Trust joins the Association of Short Term Lenders.
“Our expansion into Northern Ireland has been in the pipeline for some time but, as with anything in the mortgage market, we have to undertake strict due diligence and ensure everything is firmly in place before any official launch,” Maeve Ward (pictured), director of commercial operations at Mercantile Trust, said. “This is a market which will greatly benefit from additional competition as options are currently limited in the short-term lending space.”
Ward added that through this expansion, Mercantile Trust aims to provide NI-based brokers with choice and the opportunity to write more business and better service the short-term needs of their clients.
“We already provide buy-to-let mortgages in the region and, as a consequence of today’s news, can now offer a bridge-to-term option to landlords in Northern Ireland as well,” she said. “We look forward to engaging with the intermediary community to introduce our extensive bridging proposition.”
