Precise Mortgages is lending an extra £5 million tranche of bridging funding through distributor Brightstar Financial.

Main features include:

Can be used for standard and light refurbishment
Rates at 1% per month
All LTVs available
Minimum loan from £250,000
Minimum term of three months
Free valuations on properties up to £600,000

Kit Thompson, Brightstar’s director of bridging and commercial, said the offering provides brokers an opportunity to refinance an existing bridge.

He said: “We are delighted to be asked to help in the distribution of this important new product. Not only is it well priced but also comes as a welcome shot in the arm for brokers.

“The product is particularly versatile, which will be welcome news as we know brokers will have clients who will be anxious about their existing short term funding.”

Roger Morris, sales director of Precise Mortgages, added: “We always aim to provide what the market needs and Brightstar Financial is well placed to help these funds reach the market quickly and efficiently.”