Savills Private Finance has launched an exclusive bridging product aimed at property auction finance.
The pay rate for the product is 0.99 per cent. A 0.75 per cent arrangement fee applies and there is no early repayment fee.
The product, which is funded through an undisclosed funding line, is only available at property auctions in London and the South East at the moment.
SPF associate director Andre Bartlett says: “We’ve been involved in bridging for a long time but this is the first time we have had a product that is exclusively available to clients of Savills Private Finance. We see bridging finance as an area of growth, and one which we are delighted to put our name to.”
Bartlett says it is possible the business will expand into other areas in the future.