Online property finance platform, LendInvest, has announced that it has cut rates across its Bridging product range and introduced a new Bridge to Term transition service.
The lender has cut rates on its Residential and Commercial Bridging, Development Exit and Auction Finance products. Monthly interest rates now start from 0.55% for Residential Bridging, Auction and Development Exit and 0.79% for Commercial Bridging.
A new Bridge to Term service has also been introduced that offers borrowers looking to purchase residential property at auction, undertake refurbishment or carry out minor development the opportunity to then switch to one of LendInvest’s Buy-to-Let mortgages.
This bespoke product transition process ensures that all of the borrower's funding requirements are met at each stage of their project, while cutting back the cost, complication and time consumption usually associated with refinancing.
Matthew Tooth, Chief Commercial Officer at LendInvest, said: "As the business’ lending capital grows, we are able to be more agile and offer better rates. Cutting our Bridging rates in this way, supported by the depth of expertise within our BDM and underwriting teams, puts us in a highly competitive position when it comes to providing quotes for finance to intermediaries looking for the best deal for the borrower.”