The bank will offer short-term fixed rate residential investment loans through the packager with rates starting from 0.75%. The bank said it will lend up to 75% loan-to-value with loans worth as large as £3m available.
In addition, commercial bridging loans start at 1.3% with lending up to £5m and a maximum of 65% LTV.
Aldermore has appointed Lauren Dolezel, its head of operations, to lead the short-term lending team which will be based in the bank’s Wilmslow offices.
The lender will also offer its bridging customers the chance to switch to an Aldermore residential or commercial product for longer-term funding once the short-term loan has been completed.
Aldermore residential mortgages managing Director Charles Haresnape said: “I am delighted to announce our entry into the bridging loan market.
“This is an important area of the market that allows greater flexibility for customers who are looking to bridge the gap between purchase and sale. Also for those borrowers who are looking to capital raise, meet tight deadlines for auctions purchases or where other finance has failed to materialise in time.
“We will help our customers to bridge the gap while longer term financing can be secured. We aim to offer short term finance and long term support.”
Head of bridging and operations Lauren Dolezel said: “It is an exciting time for the team launching into this market and we aim to provide clients with fast, flexible and transparent short term finance that will support them all the way through to securing long term finance and beyond, if they need it.”
