Jim Baker, Spring Finance

Spring launches enhanced unregulated bridging products

Specialist lender Spring Finance has introduced an improved unregulated bridging offering.

The products are designed to cater for standard residential property, light and heavy renovation schemes, commercial property, and HMO conversions.

Pricing starts at 0.94% per month and includes options for AVMs on residential property.

The proposition also offers 70% LTV on HMO conversions with 100% funding for works, with commercial property LTVs going up to 65% based on market value — none of the products include early redemption charges.

Jim Baker, sales director of bridging at Spring (pictured above), said: “The unregulated market is flooded with lending options and promises of cheap pricing and punchy criteria, but the message I hear time and time again is brokers simply want a lender they can trust to deliver the funds.

“With a hugely experienced team, diverse and robust funding lines, and an absolute dedication to building the strongest relationships, I am sure this offering will be well received”.

Wayne Fitzpatrick, senior underwriter at Spring, added: “Unregulated lending has a very different dynamic to the regulated space — brokers want a rapid no nonsense service and to be able to communicate directly with experienced underwriters who understand the deal and is working with them to get the funds as quickly and as fuss free as possible.

“This is a key part of our offering, and I am confident that brokers will love how we work.”

Stephen Burns, partner at brokerage Word On The Street, commented: “The rates, AVM options, and increased LTV levels featured in this launch, added to [Spring’s] excellent service, will ensure their continued growth.”

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