Challenger bank launches into bridging

Cambridge & Counties Bank has launched its bridging offering for commercial and residential investment properties.

Leicester-based SME challenger bank, Cambridge & Counties Bank, has unveiled its new bridging offering, will be available across the UK.

The products are available for up to one year, between £100,000 and £1.5 million, with maximum LTV for residential properties of 70 per cent, and 60 per cent for commercial.

Commenting on the launch, Mike Kirsopp, Chief Executive Officer at Cambridge & Counties Bank, said: “Customers and brokers impressed with our ‘can do’ approach to lending have been asking for us to provide a wider range of finance.

“We listened and can now provide bridging to enable owner-occupiers and investors to access the money they need at the point they need it, meaning their investments can go ahead.

“We pride ourselves on giving quick decisions.  And as with all our products, the bridging loans are straightforward and presented in a clear and uncomplicated way with simple application processes and paperwork.”

The short term loans are targeted at sole traders, partnerships limited companies, LLPs, PLCs wanting to buy, transfer or refinance property, as well as charities.

The challenger bank, which is owned by Trinity Hall, and has maintained a 99 per cent customer recommendation, launched in June 2012, where more than a quarter of a billion pounds has been lent to SMEs and property investors.