You are here: Home - Specialist Lending - Bridging -

Ultimate Finance ups max bridging loan size and tweaks criteria

  • 25/01/2022
  • 0
Ultimate Finance ups max bridging loan size and tweaks criteria
Ultimate Finance has increased its maximum loan size and changed criteria around below market value (BMV) purchases as well as non-UK residents.

The maximum loan size for bridging is now £3m, and it will also fund 100 per cent of the purchase price for BMV purchases.

Ultimate Finance added that it will fund non-UK residents looking to buy UK-based properties.

The changes come off the back of a record year for the firm, where it reported £80m of originations over the past 18 months.

Its bridging loan book has reached £75m, which the lender said it the largest since it was founded in 2002 and up 16 per cent on 2020.

There has also been £62m in of bridging redemptions during 2021, which is nearly triple the figure for 2020.

Liam Cavanagh (pictured), head of bridging finance of Ultimate Finance, said: “We spent considerable time last year listening to our brokers and making enhancements to our products which included a 20 per cent reduction to our pricing.

“After the strong performance throughout 2021, it is really encouraging to see this momentum carry on into 2022 with January seeing over £5.5m lent in the first couple of weeks including our largest residential loan to date alongside our fastest ever completion in just five days.”

He added that 2022 would provide challenges and opportunities for property developers and said the lender was committed to provide funding needed through its relationship-based approach.

Cavanagh added that it was looking for two new regional sales directors to increase its nationwide presence, and it would be making some enhancements to its refurbishment and finish and exit products.

There are 0 Comment(s)

You may also be interested in