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Spring Finance has launched a dedicated suite of products for the non-FCA regulated bridging market.
The products will cater for standard residential property, light and heavy renovation schemes, commercial property and HMO conversions.
Pricing starts at 0.94% per month, and includes options for AVM’s on residential property. Spring is also offering 70% LTV on HMO conversions with 100% funding for works. Commercial property LTVs go up to 65% based on market value.
There are no early redemption charges on any products.
Spring has been active in the regulated bridging market for two years having expanded for its core second-charge mortgage business.
Spring Finance sales director of bridging Jim Baker says: “The unregulated market is flooded with lending options and promises of cheap pricing and punchy criteria, but the message I hear is brokers simply want a lender they can trust to deliver the funds.
“With a hugely experienced team, diverse and robust funding lines and a dedication to building the strongest relationships, I am sure this offering will be well received”.
Spring’s senior underwriter Wayne Fitzpatrick adds: “Non-regulated lending has a very different dynamic to the regulated space. Brokers want o be able to communicate directly with experienced underwriters who understands the deal and who will work with them to get the funds as quickly and as fuss free as possible.”
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