Specialist short-term lender Lakeshield has launched a new residential bridging product promising completion in as little as seven days.
The product offers loans of up to £1m, with rates from 0.85% per month and maximum lending at 75% loan to value.
To accelerate processing times, Lakeshield has introduced a streamlined valuation system. No physical valuation is required for purchases up to 60% LTV or for refinances up to 50%.
Automated valuation models (AVMs) will be used at higher LTVs where appropriate, while refinances above 65% LTV will continue to require a physical inspection.
The lender says the seven-day product is designed to support a wide range of residential property types including HMOs, multi-unit freehold blocks, new-builds and listed buildings across England and Wales.
It is available to both domestic and overseas borrowers, including those with adverse credit histories.
Daniel Rodney (pictured), co-founder of Lakeshield, said: “We’re really excited to bring this product to market. Brokers tell us that truly reliable, fast bridging is still rare.
“In testing, we completed several residential transactions in under seven days, which gave us confidence that we’ve built a repeatable process brokers can trust. We look forward to helping more clients move quickly on opportunities without delays.”
