The cheaper deal was with Precise Mortgages which charged an APR of 12.1%, a 1.75% facility fee, £35 TT fee and a £295 assessment fee.
A source close to the deal told Mortgage Introducer that the competing bridging lender was Dragonfly Property Finance but the lender declined to comment.
Rob Ground, the broker who arranged the bridging loan with Precise Mortgages through the Adrian Knot Partnership, said: “I was very pleased to be able to save my client so much.
“Not only is their interest charge more competitive but they charged the facility fee on the net loan drawn not the gross loan.”
Alan Cleary, managing director of Precise Mortgages, said: “It shouldn’t be the case that lenders can quote the same interest rate but be so much more expensive. All lenders should voluntarily quote APRs so that brokers and borrowers can contrast and compare bridging loans.”
Ground agreed: “All bridging lenders should quote APRs otherwise it is all but impossible to compare deals.”
