Bridging
LendInvest launches stepped bridge product
LendInvest has launched a new stepped bridge product, where rates will increase at intervals throughout the term of the loan.
The rate on the unregulated bridging product, which is available up to 75 per cent loan to value (LTV), starts at 0.74 per cent. It is available on residential deals to begin with, but will be expanded to all security types and LTVs from December.
The lender said the stepped bridge product is suitable for landlords looking to complete light refurbishments in order to improve the rental yield and small developers who want to generate additional capital.
When borrowers exit onto the standard LendInvest buy-to-let range, they are eligible for free valuation and legal fees.
Leanne Ardron, head of bridging at LendInvest, said: “By listening to how best we can support borrowers looking to generate additional capital and move quickly to acquire a property before exploring refinancing options, we hope to continue our customer first ethos through tailored product development.”
Last month Ardron was promoted to the role of head of bridging at the lender, while Sophie Mitchell-Charman was appointed commercial director.
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