‘SME EXPRESS’ provides small businesses with a £37,500 unregulated fixed gross loan for six months.
Elizabeth Moreton, Head of Underwriting at London Bridge, told B&C that following the trial of the product, the response had been amazing.
“For smaller loans the SME specialist lenders struggle, unless credit ratings are good, and accounts are healthy. In contrast, we are offering a true non status small loan product which is entirely equity driven, allowing existing lending to stay in place,” Elizabeth said.
“This ensures we can help any business going forward, without punishing them for their past.”
The product offers second and third charge loans of up to 65% loan-to-value (LTV) secured on a residential and/or a commercial property.
Funds can be turned around quickly, where they can be transferred within just a few days. The introducer fee will also be paid within an hour of completion.
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