Spring Finance, the specialist lender, has announced its new suite of products tailored for the non-FCA regulated bridging market.
The new product line is designed to address various needs within the market, including standard residential property, light and heavy renovation schemes, commercial properties, and HMO conversions.
Key features of the offerings include pricing starting at 0.94% per month, options for Automated Valuation Models (AVMs) on residential properties, and up to 70% LTV on HMO conversions with 100% funding for works.
For commercial properties, LTVs can reach up to 65% based on market value. Additionally, these products come with the advantage of no early redemption charges.
Jim Baker, sales director of bridging at Spring Finance, emphasised the company’s commitment to the sector: “Spring is dedicated to delivering what matters and that means common sense decisions, slick processes and above all, brokers feeling they are working in partnership with us to achieve the funding needs of their clients.
“The unregulated market is flooded with lending options and promises of cheap pricing and punchy criteria, but the message I hear time and time again is brokers simply want a lender they can trust to deliver the funds.
“With a hugely experienced team, diverse and robust funding lines and an absolute dedication to building the strongest relationships, I am sure this offering will be well received.”
Wayne Fitzpatrick, senior underwriter, commented on the service aspect: “Non-regulated lending has a very different dynamic to the regulated space.
“Brokers want a rapid no-nonsense service and to be able to communicate directly with experienced underwriters who understand the deal and are working with them to get the funds as quickly and as fuss-free as possible.
“This is a key part of our offering and I am confident that brokers will love how we work.”
Stephen Burns, partner of Word On The Street, added: “I’m really pleased to see Spring Finance launch these products, which will be well received by the whole broker community.
“Those who use Spring Finance already know their process is solid and they can be relied upon to deliver, even with a tight timescale.
“The rates, AVM options and increased LTV levels featured in this launch, added to their excellent service will ensure their continued growth.
“For those unfamiliar with Spring and their team you now have no excuse – give them a try – you won’t be disappointed.”