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Bridging

Precise lowers bridging rates and brings out developer exit product

Precise lowers bridging rates and brings out developer exit product
Anna Sagar
Written By:
Posted:
January 24, 2025
Updated:
January 24, 2025

Specialist lender Precise has reduced rates across its whole bridging range and brought out a developer exit product.

Precise Mortgages has also tweaked its criteria and grown its loan-to-value (LTV) bands, with bridging rates starting from 0.62% per month.

Bridging products are available from 55% to 75% LTV.

The developer exit product is aimed at customers who are in the process of selling and want long-term finance or to release capital to move on to another project.

Alan Kimber, head of bridging at Precise, said: “The bridging market was expected to hit £10.9bn in value by the end of 2024 and has continued to gain momentum as we get closer to the stamp duty changes coming in from April 2025.

“At Precise, we understand the pressures that brokers and their customers are facing at the moment, as a chain break, regardless of the circumstances, could make the difference between a customer securing their dream home or having to start again and face higher stamp duty charges.

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“These rate cuts, along with the criteria changes and wider LTV banding, reflect our efforts to help ease the stress for unexpected situations where bridging could be the ideal solution for their requirements.”