Spring Finance enhances non-regulated bridging offering

The products will support standard residential property, light and heavy renovation schemes, commercial property and house of multiple occupation (HMO) conversions.

Pricing begins at 0.94% per month, including options for automated valuation models (AVMs) for residential property, and goes up to 70% loan to value (LTV) on HMO conversions with 100% funding for works.

Commercial property LTVs go up 65% based on market value, and there are no early redemption charges on any deals.

The lender entered the bridging market two years ago, recently extending its offering to Scotland, and through the launch aims to “build their reputation in the unregulated market with a proposition that offers bespoke underwriting, a streamlined process, certainty of funding with transparent and fair pricing”.

Jim Baker, sales director of bridging, said: “Spring is dedicated to delivering what matters, and that means common-sense decisions, slick processes and, above all, brokers feeling they are working in partnership with us to achieve the funding needs of their clients.

“The unregulated market is flooded with lending options and promises of cheap pricing and punchy criteria, but the message I hear time and time again is brokers simply want a lender they can trust to deliver the funds.

“With a hugely experienced team, diverse and robust funding lines and an absolute dedication to building the strongest relationships, I am sure this offering will be well-received”.

Wayne Fitzpatrick, senior underwriter at Spring Finance, added: “Non-regulated lending has a very different dynamic to the regulated space.

“Brokers want a rapid, no-nonsense service and to be able to communicate directly with experienced underwriters who understand the deal and […] working with them to get the funds as quickly and as fuss-free as possible. This is a key part of our offering, and I am confident that brokers will love how we work”.