Precise has reduced rates across its complete bridging range, as well as introducing a new developer exit product.
The specialist bridging lender, which is part of OSB Group, has also revised its criteria and expanded LTV bands.
Bridging rates now start from 0.62% per month, with products available from 55% to 75% LTV.
Key features of the range include:
- Standard bridging for chain breaks, auction purchases etc
- Tier 1 refurbishment for cosmetic updates
- Tier 2 heavy refurbishment for larger projects requiring property footprint changes
- New developer exit offering for customers who are in the process of selling, organising long-term finance or seeking to release capital to move on to another project
All bridging products have:
- Regulated and non-regulated bridging accepted
- No exit fees or ERCs
- Daily interest calculations (minimum one month)
- Retained interest for full term of the loan available
- Non-regulated applications for limited companies accepted
- Stage payments available on Tier 1 & Tier 2
- Refurbs up to 20 bedrooms considered
Alan Kimber (pictured), head of bridging at Precise, said: “The bridging market was expected to hit £10.9 billion in value by the end of 20241 and has continued to gain momentum as we get closer to the stamp duty changes coming in from April 2025.
“At Precise, we understand the pressures that brokers and their customers are facing at the moment as a chain break, regardless of the circumstances, could make the difference between a customer securing their dream home or having to start again and face higher stamp duty charges.
“These rate cuts along with the criteria changes and wider LTV banding reflect our efforts to help ease the stress for unexpected situations where bridging could be the ideal solution for their requirements.”
