A commercial mortgage finance and bridging loan specialist has announced a reduction in its three month bridging loan rate to 0.75 per cent per month, for both commercial and residential properties, marking a 0.5 per cent cut on its previous rate.
The Wallsall-based lender, Crystal Mortgages, has taken the decision to reduce its rate after the release of record quarter one figures which have confirmed record levels of business in the company’s recent trading history.
The rate is available on loans up to 70 per cent LTV, with the lender guaranteeing to return two months interest if the loan is settled early.
Crystal Mortgages, operating across England, Scotland and Wales, will also be offering free valuations on selected properties and same day decisions from its underwriters.
The lenders’ record quarter comes after it issued terms on £87 million of new business applications from January to March, compared with £69 million in the same period last year. The figures confirm that completions have risen by 37 per cent and applications have also gone up by 36 per cent on last year.
In addition, Crystal Mortgages’ average loan size has increased to £262k from £209k.
Commenting on the growth, Roger Dewsbery, senior underwriter at Crystal Mortgages, said: "Last year was a defining moment in the growth of the company, not just in terms of outstanding figures, but getting the right staff and products in place to keep moving forward apace."
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