The new rates apply immediately across all new lending.

Heavy refurbishment loans have been reduced by 72bps to 0.83% pm at 80% LTV.

This latest deal follows the completion of an £11.4m hybrid facility on a luxury apartment scheme in Hove.

The deal follows Alternative Bridging’s announcement of a £150m funding line to boost residential lending.

We caught up with Joe Aston from Aria Finance to find out how landlords are using bridging finance and what they need to look out for.

Last month, the lender announced the successful completion of its first seven-figure transaction using its recently launched RomaPRO buy-to-let product.

Bridging rates have dropped from 5.53 times the cost of buy-to-let loans in Q4 2021 to just 2.44 times in Q4 2024.

The rate reductions follow recent updates to the lender's heavy refurbishment proposition.

The lender is now offering loans up to 70% LTV and stepped rates for greater flexibility

Exit will be achieved through the sale of all six units