Bridging and development finance lender, Colenko, has extended its Triple Lock guarantee across all products to run until 1 October 2023.
The ‘triple lock’ applies once an Agreement in Principle has been issued, and ensures the rate will be honoured on loans that complete by the Triple Lock date.
Colenko’s Triple Lock products include standard residential and commercial bridging as well as refurbishment bridging up to 75% LTGDV for residential properties including HMOs with fixed rates from 0.99%.
The criteria for the Triple Lock Refurbish Bridge product is as follows:
- Loans up to £1,000,000
- Maximum loan term of 18 months
- Available for customers in England and Wales
- Fixed rates from 0.99% per month up to 75% LTGDV
- Available for individual and corporate borrowers, including foreign nationals
Rob Roscoe, CEO of Colenko, said: “With a further rate increase expected in August, and Swap rates continually going up, borrowers are worried.
“With our Triple Lock product we are doing what we can to provide some certainty – we commit to our rates as soon as we issue an Agreement in Principle, and we commit for enough time to allow loans to complete.”
