Mercantile Trust launches “Express” bridging loan

Its Express Bridge combines automated valuations, an in house legal process and equitable charges all of which, the lender said, will allow applications to be turned around in days.

Loans are available from £25,000 to £300,000, with a maximum loan to value of 65 per cent.

Rates start from 1.10 per cent, fixed for term, with a minimum and maximum term of three and 18 months respectively. There is no early repayment charge.

The bridging loan is also available on properties of non-standard construction across England and Wales.

Maeve Ward (pictured), director of commercial operations at Mercantile Trust, said:

“At Mercantile Trust we are always looking at new ways to help borrowers who are underserved by the rest of the market, and Express Bridge is our latest initiative.

“The product is aimed at those who need rapid access to funds, even if they have had some credit issues over the past 12 months. It also suits those looking for smaller advances or those with non standard property construction.”