Mayfair Bridging launch new product BMV Bridge

Mayfair Bridging launch new product BMV Bridge




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Mayfair Bridging have launch a new product called ‘BMV Bridge’. It is specifically designed for below market value (BMV) purchases and offers 100% of the purchase price within 65% LTV for investment residential property and 60% LTV for commercial property.
 
Director Shoaib Bux said, ’’BMV Bridge takes advantage of the discount received on a property purchase and offers the investor 100% of the purchase price. The majority of lenders now specify a minimum ownership period of six months before they allow a remortgage to take place. This product overcomes this by offering 100% of the purchase price with six months’ interest being retained. At the end of the term the borrower will have the option to remortgage the property with the majority of lenders on the open market.’’
 
‘’The minimum ownership rule of six months has made it very difficult to redeem a bridging loan prior to this period, with a handful of lenders being an exception. Mayfair do not have any early repayment charges so if the loan was redeemed early then the borrower would not be penalised and any unallocated interest would be credited.’’
 
‘’The current credit climate has made it hard to obtain viable exit routes but this product takes the pressure off from the borrower giving him a wider choice of lenders at the end of the term. There is very strong demand for BMV Bridge and Mayfair still have a very strong appetite to lend. We are committed to the broker marketand are proud of the strong relationships already formed with our packaging partners.’’
 
Director Yasin Patel said, ‘’BMV Bridge has received a warm response from our brokers.We rolled the product out earlier in the year to a select number of our packager partners and following its tremendous success we are now adding to our product portfolio. The credit crunch has given many opportunities for property investors to purchase property below market value. At Mayfair we constantly look to create innovative products as the property market adapts, enabling borrowers to take advantage of below market value purchases.If the credit and property market show strong signs of improvement, we intend to increase the LTV on this product by 5%.’’
 
‘’Our online case-tracking system has received excellent feedback. Mayfair made the necessary investment in the software system during its inception in order to offer unparallel levels of service.’’  
 
Mayfair base their lending on the open market value of the property and aims to be one of the top bridging lenders by the end of 2008. It has experienced exponential growth and continues to receive a record number of enquiries.

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