Procuration fees are paid on a trail basis over the life of the loan to a maximum of 2.50% of the net loan.
Gareth Lewis, director of bridging for Precise Mortgages, said: "For those borrowers where a zero facility fee coupled with a slightly higher monthly rate makes good financial sense, this gives both the borrower and the broker increased choice."
The product is only available via its Premier Panel, which consists of:
• 3mc
• Brightstar Financial
• Buildloan Ltd
• TFC /Capital Advances
• Only Bridging
• SPF Short Term Finance
• Sterling Partners Finance Limited
• Voltaire Bridging
