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Drawbridge eases criteria

by: Mortgage Solutions
  • 30/11/2010
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Drawbridge Finance has made a number of changes to its lending criteria covering bank statements, rental cover on medium-term loans and lending to limited companies.

The specialist short- and medium-term lender said the changes were a direct response to a recent survey it carried out of 100 of its key partners.

The changes include: waiving the requirement for three months’ of original bank statements on purchases, one month will still be required to evidence balance of funds; reducing rental cover on deferred interest loans to 115% cover and on non-deferred products to 100% cover; and Drawbridge will now not take a debenture over a limited company’s assets or require personal guarantees on company loans where the LTV is less than 50%.

Mark Posniak, marketing and operations director of Drawbridge Finance, said: “As a bridging lender, there is nothing more important than listening to brokers and responding to their suggestions and needs, and that is what we have done with these changes to our criteria.

“Outside of our surveys, we always encourage brokers to provide honest feedback so that we can continually improve our product and service offering.”

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