Ortus Secured Finance launches bridging loan product

Ortus Secured Finance launches bridging loan product

 

The product, priced at 0.499 per cent per month, can be used for auction purchases, light refurbishment, development exits and capital raises. 

The lender will offer minimum loans of £100,000 and maximum loans of £1m up to 65 per cent loan to value (LTV) with a two per cent product fee. 

It will be available in England and Wales for a maximum period of 18 months on a habitable residential property. 

Ortus Secured Finance has also upgraded its processes and legal panel to enable faster lending.  

Jon Salisbury, managing director of the lender, said these changes were made in response to broker feedback and to reflect the straightforward nature of bridging products. 

Salisbury added: “We know the rate will be welcomed by our brokers and their clients, but we also know that price isn’t the only factor in choosing a lender.” 

Richard Kind, head of sales at Ortus Secured Finance, said: “The impact Covid-19 has had on the residential market has meant that we are seeing a growing demand for bridging and as a result, borrowers are increasingly looking for greater flexibility and speed in a busy market. 

“With this product we can provide really competitive pricing combined with the ease of a bridging process. For many borrowers this is a compelling proposition.”