Precise has launched a developer exit product to its bridging range and has cut offers across these loans by 7 basis points.
The specialist lender says the developer exit allows “customers who are in the process of selling, organising long-term finance or seeking to release capital to move on to another project”.
The firm, part of OSB Group, has also refreshed the criteria and expanded loan-to-value bands, with bridging rates now starting from 0.62% per month and products available from 55% LTV to 75% LTV.
Highlights of the range include:
- Standard bridging for chain breaks, auction purchases
- Tier 1 refurbishment for cosmetic updates
- Tier 2 heavy refurbishment for larger projects requiring property footprint changes
- Its new developer exit
The business adds that all bridging loans include:
- Regulated and non-regulated bridging accepted
- No exit fees or early repayment charges
- Daily interest calculations – a minimum of one month
- Retained interest for full term of the loan available
- Non-regulated applications for limited companies accepted
- Stage payments available on Tier 1 & Tier 2
- Refurbs up to 20 bedrooms considered
Precise head of bridging Alan Kimber adds: “We understand the pressures that brokers and their customers are facing at the moment as a chain break, regardless of the circumstances, could make the difference between a customer securing their dream home or having to start again and face higher stamp duty charges.
“These rate cuts along with the criteria changes and wider LTV banding reflect our efforts to help ease the stress for unexpected situations where bridging could be the ideal solution for their requirements.”
