Savills Private Finance launches exclusive bridging product

Savills Private Finance launches exclusive bridging product




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The London brokerage has today announced that it will be extending the scope of its already attractive portfolio by offering an exclusive bridging product aimed at auction finance. 

The new bridging product is being funded through an undisclosed funding line and will offer borrowers a pay rate of 0.99 per cent, a product arrangement fee of 0.75 per cent and no early repayment fee. For the time-being, it will only be available for those purchasing a property at auction and is unregulated.

 

According to Andre Bartlett, Associate Director at Savills Private Finance (SPF), this latest venture into bridging was a natural step. He said: “We’ve been involved in bridging for a long time but this is the first time we have had a product that is exclusively available to clients of Savills Private Finance. We see bridging finance as an area of growth, and one which we are delighted to put our name to.”

 

He added: “The product will initially only be available for those purchasing property at auction, however we are always looking towards new avenues and there is certainly a possibility that we will expand to other areas in the future.”

 

Bridging and Commercial’s resident blogger, Bob Havenhand of Citri Group, said: “On face value this seems like an excellent rate and one which is highly competitive in comparison to other lenders.

 

“It’s important to note though that any borrower needs to look at the overall cost of the loan. I am interested to learn more about the maximum LTV, and how the value is calculated on the property in question.”

 

Chris Borwick, associate at SPF, said: “We are delighted to be doing our part in filling the massive gap in funding that still remains in the market and we will gladly answer broker’s questions about rates, charges or any other terms for specific cases.”

 

For further information, contact Savills Private Finance on 0845 155 0131.

 
 

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