The products will cater for standard residential property, light and heavy renovation schemes, commercial property and HMO conversions
Spring Finance has launched a dedicated suite of products and processes for the non-FCA regulated bridging market.
The products will cater for standard residential property, light and heavy renovation schemes, commercial property and HMO (houses in multiple occupation) conversions. Pricing begins at 0.94% per month, includes options for Automated Valuation Models (AVMs) on residential property, and offers 70% loan-to-value on HMO conversions with 100% funding for works. Commercial property loan-to-values go up to 65% based on market value. There are no early redemption charges on any products.
Having entered the bridging market two years back, Spring says this launch aims to build its reputation in the unregulated market with a proposition that offers bespoke underwriting, a streamlined process, and certainty of funding with transparent and fair pricing.
Jim Baker, bridging sales director at Spring, noted: Spring is committed to delivering what matters and that means common sense decisions, efficient processes and above all, brokers feeling they are working in partnership with us to achieve the funding requirements of their clients. The unregulated market is flooded with lending options and promises of cheap pricing and punchy criteria, but the message I hear time and time again is brokers simply want a lender they can trust to deliver the funds. With a highly experienced team, diverse and robust funding lines and an absolute commitment to building the strongest relationships, I am sure this offering will be well received.
Wayne Fitzpatrick, senior underwriter, added: Non-regulated lending has a very different dynamic to the regulated space. Brokers want a swift no nonsense service and to be able to communicate directly with experienced underwriters who understand the deal and are working with them to get the funds as rapidly and as fuss free as possible. This is a vital part of our offering and I am confident that brokers will love how we work.