The lender said the change was made as it positioned itself for growth, along with updates to its valuation criteria.
StreamBank will now consider automated valuation models (AVMs) up to 75% loan to value (LTV) in certain circumstances and will allow desktop valuations on properties worth up to £2m.
The lender said it wanted to capitalise on growth in the bridging sector as brokers work on more complex cases impacted by planning delays, changing exit strategics and caution in the market.
Roz Cawood, managing director of property finance at StreamBank, said: “Bridging finance continues to play an important role in helping brokers and investors move quickly when opportunities arise, and we expect to see further growth in activity over the coming year.
“By reducing our rates and increasing the property values we will lend against, we are giving brokers greater flexibility when structuring deals for their clients.”
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Inspired Lending cuts bridging rates
Inspired Lending has lowered pricing across its bridging range, with rates now starting from 0.79%, down from 0.89%.
The changes take effect immediately and apply to all new lending. The lender said this would make its proposition more attractive to investors and developers with less complex transactions.
Gavin Diamond, CEO of Inspired Lending, said: “Our introducers are recommending us to more and more borrowers with straightforward, lower-LTV deals and we feel there is an opportunity to attract even more of this type of business.
“This rate cut is a reflection of our appetite to provide more of these types of borrowers with access to our pragmatic, solutions-focused approach.”
