Bridging lender launches summer special on large loans

Bridging lender launches summer special on large loans


London-based bridging company, Drawbridge Finance, has today launched a summer special on its large residential property bridging loans. 

With immediate effect, the procuration fee on Drawbridge Financeʼs £1m+ residential bridging loans will rise from 0.75% to a new level of 1% on completion and a further 0.25% on redemption. It will remain at this level for all loans completing before 31 October 2010.


Additionally, on loans above £1 million and below 60% LTV, the standard monthly interest rate of 0.99% will apply to refinance as well as purchase loans. Normally, it is only available on purchase loans.


Drawbridge Finance has gained headlines in recent months for completing eyebrow-raising big bridging loans, including one for

£17 million announced back in April

, and another for £24 million earlier this year.


The minimum term on the loan is one month, the maximum term 12 months, whilst the minimum loan size is £1 million, the maximum £25m.


Jonathan Samuels, CEO of Drawbridge Finance

, commented: “Drawbridge Finance is fully focused on supporting brokers and this new fee rate over the summer months, coupled with market-leading interest rates, demonstrates this. We are committed to getting money into the market, which has gained considerable momentum in recent months. Only recently we financed deals of £17 million and £24 million, which underlines very tangibly that activity levels at the higher end are beginning to pick up.”

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