It also announces plans to introduce new products and extend lending services to Scotland
Non-bank specialist lender Spring Finance has announced criteria improvements, alongside rate reductions across its range of bridging products.
Spring now offers up to 75% loan-to-value (LTV) for residential property purchases. It has also raised the automated valuation model (AVM) loan sizes to £200,000 for all first charge bridging loans up to 65% LTV, without setting an upper limit on the property’s value.
The adjustments, the lender said, mark the beginning of several planned enhancements to Spring’s specialist lending products. In the upcoming weeks, the firm plans to introduce a series of non-FCA regulated products and extend its lending services to Scotland.
The announcement follows a record month of lending for Spring, during which the lender expanded its three institutional funding lines and bolstered its sales team with the addition of Amy Robinson as business development manager and Natasha Satanas as business development executive.
Andew Bloom (pictured), chief executive and owner of Spring Finance, expressed enthusiasm about the company’s prospects for the rest of the year.
“We have a very exciting roadmap for 2024 and are constantly developing our proposition to achieve our ambition of being one of the UK’s leading non-bank specialist lenders,” Bloom said.
“Spring has quickly built a reputation as a specialist lender that works in partnership with brokers to deliver clarity, simplicity and good value,” said Jim Baker, sales director of bridging at Spring Finance. “Reducing rates and enhancing criteria is a clear sign of our confidence in the market.
“We have added two super hires in Amy and Natasha, and we will continue to build a proposition to support brokers in delivering great outcomes for their customers.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
