Interest is only paid by the borrower on the number of days during which the loan is outstanding. There are no minimum lending terms, no rounding up of the loan term to the nearest week or month end, and no exit fees.
The daily interest guarantee applies to the whole of Link Lending’s product range, which offers interest rates starting from 0.75% monthly and fast track completions (average 7-10 working days).
John Maclean, managing director of Link Lending, commented: “Short term funding – also known as bridging finance – has a huge variety of applications and can help brokers to problem-solve for their clients in many situations that require funds very quickly, for a short term. For example, development properties, those bought at auction and buy to lets. In addition, short term funding can be used to buy property at undervalue in a quick transaction, buy land to build on, refinance to raise capital for purchasing other properties and/or to invest in commercial ventures, etc.
“In the past, short term/bridging finance has been regarded as very expensive, with a lot of hidden costs for the borrower. At Link Lending we believe that our daily-interest product, with no exit fees, no minimum periods or rounding up, together with total transparency about the products and criteria, is truly unique and currently offers borrowers the best value in the market place.”
