Fiduciam cuts bridging rates

Fiduciam has lowered the interest rate on its bridging loans for residential property in the UK to 0.60% per month, the lowest rate the lender has ever offered.

The rate will be available on loans from £250,000 to £25m, at up to 60% LTV over a loan period from six months to three years.

The 0.60% rate will also apply to all of Fiduciam’s residential loan products, which allow multiple drawdowns and repayments.

The lender said these were proving to be popular as they provided borrowers with the flexibility to adjust the loan amount to match their financing needs over time so that the overall interest expenditure could be minimised.

Clint White, head of property lending at Fiduciam (pictured above), claimed that while more bridging lenders were lowering their rates, many only offered them at very low LTVs.

“We do things differently at Fiduciam which we are demonstrating by offering our very lowest rate up to 60% LTV and also for loans providing multiple drawdowns and repayments.”

Clint added that its target for the next 12 months was to lend £250m and this required attractive interest rates and a good reputation.

“We are backed by institutional funding, ensuring that we can always live up to the borrowing needs of our clients.

“If our clients encounter difficulties on their projects, we work closely with them to find a resolution.

“As a result, we have never had an enforcement situation.

“There is nothing better than having successful borrowers returning to us for their next project.”

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