Mercantile Trust revamps bridging offering

Mercantile Trust has revised its entire bridging range and introduced a dedicated mortgage desk to enhance broker service.

The lender has reduced rates across the board by 25 bps, with its bridging products now available from 0.75%.

The improved proposition consists of residential bridging loans, light and heavy refurbishment options and second-charge bridging products, all offering facilities between £50,000 and £250,000 at up to 75% LTV.

The heavy refurb product provides first-charge loans for properties in need of significant structural improvements that require planning, such as wrap around extensions, digging into the basement or loft conversions.

The bridging suite also includes a micro loan, offering first- and second-charge loans between £25,000 and £49,999 at up to 75% LTV. 

All of Mercantile Trust’s bridging products come with the ability to refinance to term and no ERCs.

Interest is calculated daily with the ability to service or roll the interest.

To support the changes to its bridging suite, the lender has also created a designated mortgage desk to act as a central point of contact for broker enquiries and referrals, and ensure cases are assessed on individual merits.

Maeve Ward, director of commercial operations at Mercantile Trust (pictured above), said: “We’ve spent considerable time talking to brokers about how to make our proposition clearer and more attractive to borrowers. 

“Our new range offers keenly priced products that cater for a wide variety of scenarios.

“Alongside these product improvements, our new mortgage desk has been designed to make the broker and customer journey smoother.

“These changes are just the beginning of a whole series of significant improvements to our products that you will see from Mercantile Trust over the coming weeks and months.”

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