Wellesley Finance has exclusively revealed its bridging loan products to B&C after successfully piloting them throughout the summer.

The specialist bridging finance products include first charge residential, second charge residential and first charge semi commercial and are designed to support residential investors, landlords and developers in England and Wales.

The loans can be used for equity release, refinance, purchase, leasehold extensions and refurbishment and can be used by individuals, limited companies, limited liability partnerships, partnerships and offshore companies.

“We have worked hard to develop our products over the summer to deliver and innovate our product range, we have been fortunate to have been able to pilot the products with predominantly our existing clients which have been well received and welcomed.” Thomas Clark, Head of Bridging at Wellesley Finance commented.

The highly competitive rates start from 0.75% and go up to a market leading rate 0.85% at 75% LTV. On non-regulated second charges rates are well placed from 0.95% to 1.05% up 70% LTV. For semi commercial properties rates go up to 1.05% at 75% LTV.

While the lender’s focus is based on residential bridging, it also prides itself on being flexible and will consider commercial deals on a case-by-case basis.

“A good example is a commercial unit or land with planning in place for housing where the exit is development finance with the internally or externally qualified,” Thomas said.

Wellesley Finance works in conjunction with its development finance team which can offer further funding for longer term refurbishment, heavy refurbishment or ground-up development loans from £2m upwards.

Thomas stated that he has worked closely with the development arm providing pre and post development sale bridging, resulting in a refined rate and straight forward transition into a new loan.

Thomas explained to B&C that one of the key features of the product includes the option for light refurbishment costs to be refunded upon completion of the works subject to a re-inspection from the valuer and the loan being within the product threshold.

Wellesley also has a specialist refurbishment loan from £500,000 on a case-by-case basis where it lends up to 75% of the ‘as is’ value day one, minus the fee rolling up interest, and can fund 100% of costs in arrears up to 75% of the end value with rates from 1% a month.

Bank statements are also not needed, however may be required where credit searches have not determined a clear report on the borrower’s history.

Bridging loans start from £250,000 to £5m where an immediate Application in Principle is available. However loans below £250,000 will be considered on a case-by-case basis.

Interest can be serviced, rolled up or a combination of both.

“Our next stage which is being headed up by my self is launching our online platform and new lending process over the next few months,” Thomas said.

Wellesley is currently opening up its product range to the broker market headed up by Peter Hudson and is engaging with potential partners.

“I am looking forward to seeing our business develop and we will continue to innovate our product range,” Thomas added.

The lender snapped up ex-Shawbrook Manager Thomas Clark as its Head of Bridging in June this year in order to head up and create the bridging side of the business over the summer.

Since then, B&C has exclusively announced that the lender has appointed ex-Loans Warehouse Head of Bridging, Jamie Oxley, as Senior Bridging Loan Officer, Sebastiano Carrelli as Senior Lending Manager and former Aldermore manager Peter Hudson as BDM and Shamir Rao as Associate Lending Manager.