Precise Mortgages has revealed its new short-term lending products following its launch into the sector.
The specialist lender announced last week that it was moving into the sector and has officially launched to day.
It has launched with three products, including a standard bridging loan which is designed for customers who require funds in a short timescale. The product is available up to 75 per cent loan-to-value and has a maximum loan term of 18 months. Rates start from 0.75 per month at 50 per cent LTV, 0.9 per cent at 65 per cent LTV and 1.10 per cent at 75 per cent LTV.
The other two loans are for light and heavy refurbishment designed for use by property developers.
The light refurbishment product is available up to 70 per cent LTV. Rates start from 0.9 per cent per month at 40 per cent LTV, 1.05 per cent at 55 per cent LTV and 1.2 per cent at 70 per cent LTV.
The heavy refurbishment product is available up to 60 per cent LTV. Rates start from 1 per cent per month up to 40 per cent LTV, 1.15 per cent up to 50 per cent LTV and 1.3 per cent up to 60 per cent LTV.
There is no maximum loan size for all products and there are no exit fees.
Managing director Alan Cleary says: “Service is a key deliverable in this market, if a customer needs funds within a certain timescale the lender needs to deliver. We have a substantial team of experienced people in place and I am certain that our service delivery will be as promised.”