Saxon Trust launches stepped rate bridging loan

The product has a discounted rate of 0.55 per cent for the first six months, and offers loans between £150,000 and £5m. It is available up to 75 per cent loan to value (LTV) on properties across England and Wales. 

It has a 12-month term, of which the first six months will be at the discounted rate, while the remainder will be full price. 

Saxon will consider borrowers with adverse credit and allow all repayment structures. It is open to UK residents, overseas investors and limited companies. 

The loans are also available on multi-unit properties and let properties as long as assured shorthold tenancies are in place. 

Brian West (pictured), head of sales and marketing at Saxon Trust, said: “This latest announcement underlines our commitment to the bridging sector.  

“In a market where a huge range of lenders compete for a finite number of borrowers, we will always look to bring new opportunities to the sector that open it up to new borrowers.” 

Andrew Gardiner, director at Saxon Trust, added: “We are passionate about understanding the needs of our borrowers and structuring loans that are tailored to meet their unique requirements. 

“As well as offering the traditional strengths of a stepped rate product, new funding has allowed us to develop a loan product that provides many unique benefits, including the ability to assist a more diverse range of borrowers.”