Exclusive: Alternative Bridging launches 0.75% bridging product
By Chanice HenryAlternative Bridging has slashed its interest rates on prime short term loans with the launch of a new product
Alternative Bridging has slashed its interest rates on prime short term loans with the launch of a new product.
The product offers lower interest rates on commercial and residential property loans with a headline rate of 0.75 per cent per month.
The lender's Prime Loan Programme will be available initially to clients of selected brokers for loans from £250,000 with a lower risk profile.
Interest rates for new Prime Loan proposals will be from 0.75 per cent month for Residential Prime and 1 per cent for Commercial Prime. These rates are available for up to 24 months with 65 per cent of Loan-to-Value on facilities secured by office, retail, and industrial and residential investment properties.
Loan-to-Values of up to 75 per cent is permitted upon owner-occupied homes.
Brian Rubins, Managing Director of Alternative Bridging, said: “Our intention is that Prime’s competitive rates will enable mortgage brokers to attract and convert proposals they would otherwise lose at prevailing market rates.”
The Prime programme complements Alternative Bridging’s existing Commercial, Residential and Development loan programmes which have been renamed Flex Commercial, Flex Residential and Flex Development. All of which are improved by offering larger loans, clearer underwriting criteria and a strengthened drawdown team.
Brian Rubins added: “Prime will attract the easier to underwrite proposals, however, through our existing programmes, we will continue to unravel more challenging situations, where a more individual and flexible approach is needed. This is where we have established our reputation and with our depth of understanding of property and property people we will maintain this focus through Flex Commercial and Flex Residential.”
By the term lower risk profile the lender refers to valuable homes, well-let commercial investment properties and good quality residential investments or circumstances where there is a low Loan-to-Value ratio.
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