Octopus Property has launched a new unregulated bridging product to replace all existing unregulated bridging products.

The new product, which is available to both new and existing customers, covers bridging loans between £100,000-£500,000 at a maximum 70% loan to value, at a rate of 0.6% p.m.

The new product has a term length of 12 months and there are no exit fees.

D’mitri Zaprzala, head of sales at Octopus Property, said: “As market dynamics continue to evolve, we have been working closely with our brokers and borrowers to adapt our products to better meet their changing needs.

“This is a limited time offer, as we have a £30m tranche of funding. We expect a strong demand due to the simple nature of the product, and the fact it is one of the most flexible and competitive products in the market. We look forward to supporting brokers and borrowers with this offering.”