The product, which has been launched for experienced property landlords to fund residential buy-to-let property, will include cases requiring light refurbishment.
Interest on the bridging loan will be calculated on a daily rate basis with no exit fees, while there will be no minimum rental cover pre-requisite at the time of the bridging advance.
The product will be available for portfolio purchases and refinancing with no restrictions on the number of units to be funded.
Steve Woods, head of sales, said: “We have made a number of changes in recent months and this change further demonstrates our commitment to supporting brokers and their clients by providing competitive, fixed and transparent rates.
“This product has been specifically developed to attract volume quality BTL bridging business with cost certainty for borrowers supported by our established leading service level support offering.
“We are looking to materially increase our loan book and see this product specifically as having high volume demand.”
The product will be offered at the promoted rate providing applicants meet a set of product underwriting parameters.
