Spring Finance cuts bridging rates and updates criteria

The lender has also made changes to the range, with 75% loan to value (LTV) borrowing now available for residential property purchases.

Spring Finance has increased the maximum loan size for automated valuation models (AVMs) to £200,000 for all first charge bridging loans up to 65% LTV, with no upper limit on the property value. 

The lender said these changes were the first of a number of incoming updates to its product range. Spring Finance is also preparing to launch non-regulated products and begin lending in Scotland. 

This follows a record month of lending for Spring Finance and the increase of its three institutional funding lines. 

Spring Finance also recently appointed Amy Robinson as business development manager (BDM), who previously worked at Apex Bridging in a similar role, and Natasha Satanas was appointed as business development executive. She was previously a mortgage adviser. 

Jim Baker, sales director of bridging at Spring Finance, said: “Spring has quickly built a reputation as a specialist lender that works in partnership with brokers to deliver clarity, simplicity and good value.

“Reducing rates and enhancing criteria is a clear sign of our confidence in the market. We have added two super hires in Amy and Natasha and we will continue to build a proposition to support brokers in delivering great outcomes for their customers.”

Andew Bloom (pictured), chief executive and owner of Spring Finance, added: “We have a very exciting roadmap for 2024 and are constantly developing our proposition to achieve our ambition of being one of the UK’s leading non-bank specialist lenders.”

Last month, Spring Finance launched a first charge remortgage product for residential borrowers following a successful pilot last year.