New rates for semi-commercial products will start at 0.95% per month, while commercial rates start from 1%. Residential rates meanwhile have been cut to 0.65% and refinance rates to 0.75%.
Bridging products will also be tiered by loan purpose, amount and loan-to-value. Clients taking out bridges to fund auction property purchases will be spared the lender’s legal fees and offered a free valuation scheme on loans up to £500,000.
Together has also increased the maximum loan size on its regulated bridging products from £1m to £2.5m for all plans, up to a maximum loan-to-value of 50%.
The new simplified application process aims to cut application times from 30 minutes to two. Via the lender’s online portal My Broker Venue, brokers will be able to generate a quote in as little as sixty seconds, receiving an offer in two minutes, the firm said.
There will also be a dedicated commercial bridging web page, featuring improved and streamlined processes, it added.
Commercial CEO Marc Goldberg (pictured) said: “Following feedback from our broker partners, we’ve taken steps to enhance both our products and our processes in relation to our bridging finance offering. We’re confident that the new streamlined process, combined with our low rates, will help us to assist brokers with even more bridging applications and to deliver the short-term finance customers are looking for.”