Specialist asset-based lender Ultimate Finance is today announcing the launch of their revamped Bridging Finance residential product range to support property developers and investors post-CBILS and is returning to 75% LTV with reduced rates across the product range from 0.89% per month.
The impact of COVID-19 will continue to be felt for some time to come and Bridging Finance remains a significant and vital source of short-term capital to the UK property market. Ultimate Finance has worked closely with their brokers to ensure the new residential product range meets the current needs of property developers and investors, enabling new opportunities to be secured whilst alleviating financing pressures.
The product range introduces new residential variants designed around the borrower’s requirements for:
- property purchase
- development exit
- development finish & exit
- refurbishment
- re-bridge and other forms of refinancing
The lender is now offering equity release options on development finish & exit and refurbishment projects upon formal completion allowing re-deployment of capital.
Josh Levy, CEO at Ultimate Finance, says “Back in March as lockdown began, we took the decision to reduce our maximum LTV and we are pleased to re-introduce the ability to go up to 75% on deals of up to £2.5m, alongside across the board price reductions.
Building on the success of our CBILS Bridging offering, with over £150m of applications received in the first week alone, we’re looking to build upon our record year of new business and ensure we have the solutions to meet the needs of clients and brokers in the months ahead, as COVID-related uncertainty continues and Government support schemes unwind, including the stamp duty holiday.”
Liam Cavanagh, Head of Bridging Finance at Ultimate Finance, says “The property financing market remains constrained and we’re committed to using our Bridging Finance to fill the gap and make up for reduced lending appetite elsewhere through the quick provision of funding.
Our new equity release offering is specifically designed to help developers or landlords nearing completion on projects, to release capital tied up in the project and purchase their next property, which is not readily available in the market right now.”
Ultimate Finance are holding a webinar on Thursday 26 November 2020 at 0930am to take brokers through the full product offering and criteria. To register to attend click here.
