Brightstar Financial, Positive Lending, All Types of Mortgages, Complete FS and Savills Private Finance Short Term Finance have been given access to varied Precise product enhancements this week.
B&C Distributor was informed that specialist distributor, Brightstar Financial, has been selected by Precise to be the only member to have exclusive access to the lender’s latest Heavy Refurb bridging product.
Brokers and clients accessing Precise via Brightstar are able to take advantage of 10 basis points off the standard Heavy Refurb rate, with rates now starting from 0.65 per cent per month on Heavy Refurb.
Heavy refurb is defined as any project that involves planning permission, building regulations and/or where there is an overall change in use/nature of the premises – for example, a vacant public house, with planning to be converted to an HMO, or offices to residential property. Heavy refurb projects also include basement digs, extensions, and loft conversions – all which include major structural work.
Whilst most bridging lenders do offer some form of light refurb, this is usually limited to new kitchen, bathroom, redecorating.
Kit Thompson, Director and Head of Bridging at Brightstar said: “We were delighted to be offered this exclusive product from Precise. Heavy Refurb is an area that we have seen rapid growth in and there is certainly demand for this, especially with the relaxation of planning laws and an increasing amount of works being allowed under Permitted Development Rights.”
Positive Lending also gained exclusive product access to Precise’s Standard and Light Refurbishment product at the market rate of 0.59 per cent per month, which is available up to 40 per cent LTV. It also offers a standard facility fee of two per cent and a procuration fee of 1.25 per cent.
Chris Fairfax, Managing Director of Positive Lending, said: “As the largest bridging loan introducer to Precise Mortgages we are delighted to be supported with a market exclusive rate of 0.59 per cent per month.
SPF Private Clients, All Types of Mortgages and Complete FS also have access to the 0.59 per cent standard and light refurbishment product, with cases are submitted via Legal and General Mortgage Club.
Alex King from SPF Private Clients commented: “It’s a welcome addition to our product portfolio – we see this as another way we can demonstrate to our partners that it’s increasingly less cost prohibited to detach your sale from your purchase.”
Andre Bartlett of SPF Private Clients also added: “We are delighted that Precise continue to back their Premier Panel with market leading products and rates.”
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