Precise Mortgages has revealed the details of its short-term lending proposition.

It is launching with three products: standard, light and heavy refurbishment.

The standard bridging product is designed for customers who require funds in a short timescale, typically associated with purchases of property at auction or a deal that carries a discount if a quick completion takes place.

The refurbishment products are designed for use by property developers. None of the products are available for residential purposes.

There is no maximum loan size or exit fees. Lending is available to individuals, LLPs and limited companies.

Alan Cleary , managing director of Precise Mortgages, said: “Service is a key deliverable in this market