Aldermore's long-awaited bridging offering goes live
By Chanice HenryB&C can reveal that today Aldermore Bank has officially launched into the short term finance market
B&C can reveal that today Aldermore Bank has officially launched into the short term finance market.
The bank’s bridging products will be offered exclusively through Birmingham-based packager Finance 4 Business (F4B).
Charles Haresnape Managing Director of Aldermore Residential Mortgages said: “I am delighted to announce our entry into the bridging loan market. This is an important area of the market that allows greater flexibility for customers who are looking to bridge the gap between purchase and sale."
Rumours of Aldermore’s entry into bridging first hit the press at the end of last year. Since then, the industry has been keen to learn of the challenger bank’s offering.
Fixed rates on residential investment bridging loans will start from 0.75 per cent with maximum loan sizes of £3 million at up to 75 per cent LTV.
Commercial bridging loans will start at 1.3 per cent, with lending up to £5 million and a maximum of 65 per cent LTV.
In regards to its commercial products, Aldermore will also consider advancing up to 70 per cent of the purchase price on transactions where the applicant is acquiring the property at a discount, this is subject to a maximum LTV of 65 per cent.
When customers are ready to exit, the bank’s ‘Bridge-to-Term’ offering enables them to switch to a residential or commercial product for long term funding.
This will be available across its range of award-winning residential and commercial mortgages, with reduced legal fees and the benefit of a speedy and straightforward exit.
Charles Haresnape added: “We will help our customers to bridge the gap while longer term financing can be secured. We aim to offer short term finance and long term support.”
Aldermore’s short term lending team based in Wilmslow will be headed up by Lauren Dolezel, who was previously the Head of Operations in the Commercial Mortgages division.
Commenting on the news, Aldermore’s Head of Bridging and Operations Lauren Dolezel said: “It is an exciting time for the team launching into this market and we aim to provide clients with fast, flexible and transparent short term finance that will support them all the way through to securing long term finance and beyond, if they need it.”
The team driving the lender’s bridging proposition includes some new faces.
Peter Byrne, with over 20 years of experience in the financial services industry, takes on the role of Senior Operations Manager. He previously acted as Contracting Manager on behalf of Deloitte.
Chi Ho will be the division’s Senior Underwriter. Most recently, Chi was an Underwriter for Bridgebank Capital, he has also worked for the Blemain Group, Haydock Finance, Davenham Trust.
David Quinney will take on the role of Short Term Loan Processor for the firm.
Earlier on this year, B&C reported on the bank’s launch of a £333 million securitisation.
It has also been reported that the bank, which is backed by funds advised by AnaCap Financial Partners, is targeting a stock market floatation towards the end of 2014.
Keywords: Aldermore, bridging, challenger bank, charles haresnape, lauren dolezel, head of bridging, products, F4B, LTV short term lending, residential, commercial