The loan offers funding of up to £4m for properties that combine both residential and commercial elements, supporting a range of strategies including purchases, refinancing and refurbishment. The funding can also be used for development exit strategies.
The lender developed the proposition in response to broker feedback and a change in demand for semi-commercial finance.
So far this year, Ultimate Finance has advanced £49m of lending. The launch of its latest proposition aligns with the business’ ambition to develop its range of funding options.
Liam Cavanagh (pictured), head of bridging finance, said: “The trial confirmed there is consistent demand for a clear, practical semi-commercial bridging proposition. Expanding the product across our broker network is an important step and reflects the feedback we’ve had on where support is needed. We look forward to working with brokers to help their clients progress mixed-use transactions with greater certainty.”
At the end of last month, the firm increased the maximum loan size for asset finance to £3m.
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