Octopus Real Estate is making changes to its unregulated residential bridging product.
It is increasing the maximum loan to value to 75%, and offering a simple rate of 0.6% p.m, which stays consistent with lower LTVs.
Loans can be between £100,000 and £500,000.
D’mitri Zaprzala, head of sales at Octopus Real Estate, said: “The changes to our unregulated bridging product form part of our strategy to ensure that our range of products is extremely simple and competitive while meeting the needs of a whole spectrum of borrowers.
“The increased level of gearing available to good quality borrowers reflects our confidence in both the quality of our underwriting team and the outlook for the UK residential real estate market.”
During May, 37 new loans were originated across Octopus Real Estate’s suite of residential, commercial and development lending products. It was a record month of lending for the firm.
Benjamin Davis, Octopus’s CEO, added: “Thank you to our brokers and borrowers throughout the UK, whose continued support has enabled the ongoing momentum in our lending activity.
“With an extremely experienced team and the size and scale of the business, we will continue to look at new ways we can support the evolving demands of the real estate sector, as borrowers seek timely and competitive finance solutions.”
