It also unveils new developer exit product
Specialist lender Precise, part of OSB Group, has announced significant rate reductions across its bridging loan range and introduced a new developer exit product, expanding options for brokers seeking short-term financing solutions.
The updated product suite features revised criteria and extended loan-to-value (LTV) bands, with bridging rates now starting at 0.62% per month. Products are available across LTVs ranging from 55% to 75%.
The range includes standard bridging loans for chain breaks and auction purchases, Tier 1 refurbishment loans for cosmetic property updates, and Tier 2 heavy refurbishment loans for larger projects requiring structural changes. A newly introduced developer exit product offers solutions for customers selling properties, arranging long-term financing, or releasing capital for future projects.
Precise said all products in its bridging portfolio are designed with features to simplify the lending process. Both regulated and non-regulated bridging loans are accepted, and there are no early repayment charges or exit fees. Interest is calculated daily, with terms starting from one month, and borrowers can choose retained interest for the full loan term.
Stage payments are available for Tier 1 and Tier 2 refurbishment projects, while non-regulated applications from limited companies are also considered. Projects involving refurbishments of up to 20 bedrooms are eligible.
“The bridging market was expected to hit £10.9 billion in value by the end of 2024 and has continued to gain momentum as we get closer to the stamp duty changes coming in from April 2025,” said Alan Kimber (pictured), head of bridging at Precise.
“At Precise, we understand the pressures that brokers and their customers are facing at the moment as a chain break, regardless of the circumstances, could make the difference between a customer securing their dream home or having to start again and face higher stamp duty charges.
“These rate cuts along with the criteria changes and wider LTV banding reflect our efforts to help ease the stress for unexpected situations where bridging could be the ideal solution for their requirements.”
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