Loans above the current maximum of £500,000 will be available on a first charge basis secured on residential properties.
The increase has arrived as the bridging lender reports a return in confidence over the last few months in the residential property market and, in particular, family homes for owner-occupation.
Alan Margolis, Chief Executive Officer at Cheval, said: “We are not kidding ourselves that the economy or property market as a whole, is out of the woods yet, but we believe there is scope to increase lending against higher value residential properties to borrowers with sufficient verifiable income and financial resources.”
Cheval has assured brokers and customers that although applicants will need to verify assets and income, its speed and high service levels will remain unaffected by the new larger maximum loan size.
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