SDKA has reduced the rate on its Bridge 75 Residential product by 50 basis points to 0.84% per month for loans above £250,000 and up to 75% loan to value.
The facility, aimed at investors active in the buy-to-let and HMO markets as well as those undertaking refurbishment projects, is available for terms ranging from three to 24 months. The maximum loan size is £10m.
The lender has also introduced its first bridge-to-term product. This offers a 36-month facility secured against residential and semi-commercial properties, combining a 12-month bridging period priced at 1% per month followed by a two-year term at 0.875% per month.
Loans are available up to £300,000. SDKA said no valuation is required when moving from the bridge to the term element, with no arrangement fee on the transfer. Brokers will be paid at the point of origination and receive an additional 0.5% when the term stage commences.
Kunal Mehta, managing director of SDKA, said: “The rate reduction has been made in response to market conditions and a strong liquidity position which is allowing us to support clients with competitive pricing.
“Thanks to the excellent relationship with our flexible funding partners we have the ability to move our rates as required as well as being able to launch new products, such as Bridge To Term, all of which puts us foremost in the minds of bridging borrowers who want a truly individual service.”
