A distributor has become the only member of Precise Mortgages' Premier Panel to offer its 0.65 per cent rate on loans over £1 million.
Today SPF Short Term Finance became the only member of Precise Mortgage’s Premier Panel to offer the lender’s 0.65 per cent interest rate on bridging loans over £1 million.
Alex King, Executive Director of the distributor said: “Given our broad agency based distribution, we have had lots of demand for this sort of product, however it was proving hard to land deals above £1 million.”
He added: “This really is a great step forward and we are excited to have it on an exclusive basis with Precise as we move into the Spring buying season.”
The product details are as follows:
• Minimum loan of £1 million
• NO maximum limit
• 0.65 per cent interest on loans at 50 per cent LTV
• Maximum of 70 per cent LTV with a 0.95 per cent rate
• 2 per cent facility fee
• Regulated or un-regulated.
Gareth Lewis, Director of Bridging at Precise said: "SPF are a valued member of our Premier Panel, so when they came to me to discuss a potential exclusive we were more than happy to support them.
“Andre, Chris and Zoe have identified their relationships within the high net worth space as an opportunity to promote the uses of bridging, and we hope these enhanced rates will help stimulate activity for them."
He added:"This exclusive shows our dedication to the Premier Panel."
SPF Private Clients' specialist finance arm, SPF Short Term Finance specialises in regulated bridging, development finance, commercial development and international finance.
The distributor has a base of over 200 intermediaries and a lending panel of approximately a dozen lenders.
Earlier this week, Bridging & Commercial reported that Precise re-launched its 0.65 per cent bridging product that has a maximum loan limit of £1 million.
The trail-blazing rate was launched at the end of last year as a limited offer and due to the positive response it is now included in its core bridging product.
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