Afin Bank launches regulated bridging proposition and makes head of bridging promotion

Afin Bank has launched a new regulated bridging proposition and promoted John Smith (pictured above) to head of bridging.

The new bridging proposition offers lending of up to 80% LTV gross, designed for borrowers with time-critical funding needs, such as purchase before sale or sales delays.

In addition to offering higher LTVs, Afin’s bridging product also rolls up interest to be paid at the end of the loan.

Afin aims to support underserved borrowers, and its bridging offering has been designed to make access to funding more straightforward.

The features of the new offering include:

· AVMs up to 80% LTV

· valuations based on open market value (OMV)

· dual representation to get deals completed in a timely manner

· title insurance and personal borrower status, including for customers with UK visas and limited credit footprint in this country

Loans are available from £50,000 up to £3m with a 2% arrangement fee on the net loan size, not the gross loan.

The new proposition is being led by John, who has been promoted from a senior BDM position at the bank.

He said: “We looked at the needs of borrowers and especially those who are being poorly served by existing providers.

“What was clear is that they all wanted a common-sense approach to lending and timely decisions so they can fund their plans, whether that is short-term financing or light refurbishment before sale or refinance.

“Because bridging is a short-term facility, we also wanted to ensure customers could maximise their finances, so we are lending up to 80% LTV gross, providing access to funds to pay for refurbishments costs from day one, and rolling up interest to be paid at the end of the loan rather than customers having to manage monthly payments.”