The lender made the change in response to broker feedback requesting a clearer layout of criteria and product purpose. StreamBank said residential was still at the core of the range, and now covered standard and refurbishment needs.
StreamBank will lend between £100,000 and £3m, with options for regulated and unregulated loans. Products are available on terms of up to 18 months for unregulated bridging and 12 months on unregulated loans.
StreamBank accepts first charges – as well as combined first and second charges – up to 75% loan to value (LTV) for residential security across England, Wales and Scotland.
The lender will continue to offer a fast-track route for suitable cases.
Automated valuations and desktop reports can be used where appropriate to shorten approval times, and there is the option of dual legal representation. The range also has no early repayment charges (ERCs) and no monthly repayments. Interest is calculated daily, and borrowers must demonstrate a clear and workable exit.
Aldermore Insights with Jon Cooper: Edition 5 – Feeling enthusiastic about next year’s run-of-the-mill market
Sponsored by Aldermore
The commercial range covers quick purchases, change of use and modest works, while the refurbishment offering covers light and heavy projects. The heavy option includes financing based on loan to gross development value (LTGDV) for more complex cases.
Roz Cawood, managing director of property lending at StreamBank, said: “Our new enhanced range follows direct feedback from our broker partners who said clearer groups would help them place cases more quickly. The new structure keeps things simple and makes our range easier to use, providing brokers with the tools they need to deliver clients a range of solutions, whether it’s reshaping a portfolio, returning to a development scheme or seeking quick finance to realise their market ambitions.
“We look forward to building on the strong relationships we already have and establishing many more, once brokers have tried the new range.”
