Saxon Trust has launched a new stepped rate bridging loan product.

The specialist bridging and development lender’s new deal offers a discounted rate of 0.55% pm for the first six months on loans from £150,000 to £5m to a maximum 75% LTV across England and Wales.

The new product has a 12-month term and a minimum interest period of six months with the first six months being at the lower discounted rate and the remainder at the non-discounted figure.

Borrowers with adverse credit can be considered, the new loans are acceptable on all repayment types, and they are also available to Foreign Nationals as well as UK residents and companies.

The new loans are also available on let and multi-unit properties provided Assured Shorthold Tenancy’s are in place.

Andrew Gardiner, director at Saxon Trust, said: “At Saxon Trust we are passionate about understanding the needs of our borrowers and structuring loans that are tailored to meet their unique requirements.

“We are delighted that as well as offering the traditional strengths of a Stepped-Rate product, new funding has allowed us to develop a loan product that provides many unique benefits, not least of all the ability to assist a more diverse range of borrowers.

Brian West, head of sales & marketing at Saxon Trust, added: “Whilst we are perhaps better known as development and stretch lenders this latest announcement underlines our commitment to the bridging sector.

“In a market where a huge range of lenders compete for a finite number of borrowers, we will always look to bring new opportunities to the sector, opportunities that open up the sector to brand new borrowers.”