BMV Bridge is specifically designed for below market value (BMV) purchases and offers 100% of the purchase price within 65% LTV for investment residential property and 60% LTV for commercial property.
Director Shoaib Bux said, “BMV Bridge takes advantage of the discount received on a property purchase and offers the investor 100% of the purchase price. The majority of lenders now specify a minimum ownership period of six months before they allow a remortgage to take place. This product overcomes this by offering 100% of the purchase price with six months’ interest being retained. At the end of the term the borrower will have the option to remortgage the property with the majority of lenders on the open market.
“The minimum ownership rule of six months has made it very difficult to redeem a bridging loan prior to this period, with a handful of lenders being an exception. Mayfair does not have any early repayment charges so if the loan was redeemed early then the borrower would not be penalised and any unallocated interest would be credited.”
