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Spring Finance extends bridging offering to Scotland

  • 15/04/2024
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Spring Finance extends bridging offering to Scotland
Bridging lender Spring Finance has expended its bridging proposition to include lending in Scotland, partially in response to broker demand.

The lender will be supported on the legal side by Allan McKendrick and his team at Wilson McKendrick solicitors, who have a long history of supporting the bridging market in Scotland.

The launch comes after “intensive consultation with their key broker partners”.

Spring Finance’s bridging offering offers loans from £50,000 to £2m, with regulated and unregulated as well as first and second charge options available.

The lender was launched in 2011 as a second charge lender, targeting customers who did not meet high-street bank or building society criteria.

The firm then entered the bridging market in 2022 as part of its “next phase” of “planned growth”.

Claire Newman, director of bridging at Spring Finance, said: “It’s an exciting time in Spring’s journey, and I am very pleased that we have been able to offer a product that our brokers have been asking for. We look forward to working with our brokers on their Scottish loans.”

Jim Baker, sales director of bridging at Spring Finance, said: “We have seen a significant demand for specialist bridging in Scotland, and this launch shows how quickly we can respond to the needs of our brokers on both sides of the border.

“Supporting this key area of the market is a clear demonstration of our ongoing commitment to build a leading proposition in the specialist bridging space.”

John Hardman, managing director of Fluent Bridging, added: “We have a fantastic working relationship with all the team at Spring. They have a clear niche that helps support a number of our customers, and the expansion into Scotland will definitely create new opportunities for us and Spring as we continue the rapid growth of our business.”

Spring Finance has been updating its proposition, lowering bridging rates, increasing the loan to value (LTV) for residential property purposes and upping the maximum loan size for automated valuation models (AVMs) for first charge bridging loans up to 65% LTV.

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