The specialist lender, Precise Mortgages, has announced today the launch of its new bridging product that offers a 0 per cent facility fee.
The bridging lender, which normally charges a 2 per cent facility fee on all bridging loans, has today launched an exclusive zero facility bridging product where procuration fees are paid on a trail basis over the life of the loan to a maximum of 2.5 per cent of the net loan.
It has been revealed that the product is only available via its Premier Panel, which consists of:
• 3mc
• Brightstar Financial
• Buildloan Ltd
• TFC /Capital Advances
• Only Bridging
• SPF Short Term Finance
• Sterling Partners Finance Limited
• Voltaire Bridging
• The Buy-to-Let Club * As of today *
The monthly interest rates are as follows:
|
LTV band and bridging type
|
Pay rate per month
|
Facility fee
|
Procuration fee ( pm)
|
|
<65 per cent Standard/light refurbishment
|
0.95 per cent
|
Zero
|
0.25 per cent (max 2.50 per cent)
|
|
<70 per cent Standard/light refurbishment
|
1.10 per cent
|
Zero
|
0.25 per cent (max 2.50 per cent)
|
|
<65 per cent Heavy refurbishment
|
1.00 per cent
|
Zero
|
0.25 per cent(max 2.50 per cent )
|
|
<70 per cent Heavy refurbishment
|
1.15 per cent
|
Zero
|
0.25% per cent (max 2.50 per cent)
|
Commenting on the new product, Gareth Lewis, Director of Bridging for Precise Mortgages, said: "For those borrowers where a zero facility fee coupled with a slightly higher monthly rate makes good financial sense, this gives both the borrower and the broker increased choice."
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