The funding facility means that the lender can increase its maximum loan size from £1.5m to £7.5m. This can be increased on referral and with “enhanced due diligence”.
Black & White will launch a range of bridging loans with “more competitive interest rates and variable proc fees”, which will allow brokers to decide their earnings and what rate to select for clients.
Black & White has doubled its total lending in the last two years, and the funding line will allow the firm to “fulfil its aim to double in size again in the coming year”.
Martyn Smith, managing director at Black & White, said: “We have ambitious growth plans, and this new funding line will enable us to increase the speed of our growth while helping intermediaries, investors and developers.
“We aim to make a real difference in the bridging market. Increasing our loan sizes and reducing our interest rates while maintaining excellent service shows our clear intention to make a positive difference.”
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The company recently joined the Bridging and Development Lenders Association, formerly known as the Association of Short Term Lenders.
Black & White has also made some criteria improvements, including a limit of keeping 20% of sale proceeds per unit sales and maximum value of its residential bridging deal.
