SDKA has lowered its Bridge 75 Residential rate by 50bps to 0.84% per month for loans over £250k and up to 75% loan-to-value (LTV).
The product is aimed at property investors involved in buy-to-lets, houses in multiple occupation (HMOs), and properties needing refurbishment. Terms range from three to 24 months, with a maximum loan size of £10m.
The lender has also introduced its first-ever Bridge To Term product. Available for loans secured against residential and semi-commercial properties, the facility lasts 36 months, with a first-year bridge period at 1% interest per month and a subsequent two-year term at 0.875% interest per month.
Bridge To Term allows loans up to £300k with no valuation required when switching to the term, and there is no arrangement fee on the changeover. Brokers are paid at the loan’s origination and receive an additional 0.5% when the term portion begins.
Kunal Mehta (pictured), 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.”
