Short-term lending specialist Cheval has announced that, as of this week, it is raising its maximum loan size to £1.5 million.
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.
According to the lender, the decision to boost its maximum loan size also reflects that confidence and the increased ability of credit-worthy customers to obtain mainstream refinance, or sell desirable properties.
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.
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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