The product is exclusively available through its Premier Panel members and is aimed at standard and light refurbishment deals up to 50% loan-to-value (LTV). The specialist lender has also reduced rates on deals up to 60% LTV from 0.74% per month to 0.64%.
Alan Cleary, managing director of Precise, said the decision followed “our best ever year on bridging in 2016” and is designed to keep the momentum going.
According to the latest broker sentiment survey conducted by bridging loan lender MTF, bridging finance had a good fourth quarter of 2016, with 31% of brokers noticing a rise in bridging loan volume, up from 13% in the previous quarter.
Three-quarters of brokers experienced a rise in overall bridging loan volumes in 2016 compared to 2015, with 69% expecting a further rise in 2017. None of the respondents expect bridging loan volumes to decrease in 2017, showing its growing prominence as a loan product.