The new funding means that the Cheshire-based bridging lender — which launched in 2017 and has just completed “phase one” of its business plan — has dropped its rates to start from 0.85%.
While it normally offers loans of up to 75% LTV, this has been reduced to 70% during Covid-19 and requires physical valuation inspections.
It lends in England, Wales and Scotland for a term of up to 12 months on residential, HMOs, multi-units, developments and residential conversions.
Ascot Bridging Finance — which can also offer dual representation — is the sister company of brokerage Ascot Mortgages, and therefore believes it can provide “common-sense lending” due to its background.
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“We are now in a position to officially launch phase two of our business, after securing additional funding to lend,” said Kevin Gibson, operations director at Ascot Bridging Finance (pictured above, right).
To meet the capacity for 2020/21, Ascot Bridging Finance has expanded its specialist team, and will continue to do so into the third quarter of this year.
“Brokers and investors can look forward to newly-competitive rates, and our team are ready to service [these].”
Kevin said that the lender was confident of its robust risk plan, despite the current pandemic and the challenges it brings.
“We were borne out of a company that was launched during the 2008 financial crash,” he explained, adding that throughout and after the recession, Ascot Mortgages had been able to grow its team and business.
As a result of this experience, the bridging lender is “determined” to be around for a long time.
Also pictured above: Left, David Gibson, project director, bottom, Alison Gibson, service director