New bridging lender expands product offering

The newly launched bridging lender was previously only able to lend up to 60% LTV on standard bridging and light refurbishment.

However, Vitvo has now announced it will be able to offer higher LTVs for standard bridging and light refurbishment in addition to being able to cater for heavy refurbishment.

Key features of the new products include:

•    First charge standard bridging and light refurbishment, from 0.70% pm up to 70% LTV
•    First charge heavy refurbishment, from 0.75% pm up to 70% LTV
•    Second charge standard bridging and light refurbishment, from 0.85% pm up to 60% LTV
•    Second charge heavy refurbishment from 0.85% pm up to 60% LTV.

The new heavy refurbishment product will allow Vitvo to lend on existing property with permitted development rights or planning permission to convert to residential.

“Institutional investors have been reassuringly supportive in our efforts to grow our product offering,” said Ian Wilson, CEO of Vitvo (pictured above).

“We look forward to growing our appeal across the broker community and developing meaningful long-term relationships based on professionalism, speed of execution and trust.”

The new offering will further bolster the lender’s efforts to meet its target of £50m of business in its first year.

Satch Patel, head of business development at Vitvo, explained that the new criteria had been created as a direct response to broker feedback.

“So far in our journey, brokers have been hugely impressed with our speed and service, but they have been wanting to put more cases to us that have been outside our criteria.

“Well, we have listened, and we are very excited about delivering even further for our brokers.”