Bridging lender Drawbridge Finance has made changes to its criteria.
Drawbridge will now waive the requirement for three months worth of original bank statements on purchases, although one month will still be required to provide evidence balance of funds.
Rental cover on deferred interest loans has been reduced to 115% cover, while rental cover on non-deferred products has been reduced to 100% cover.
Drawbridge will not take a debenture over the company’s assets nor will it require personal guarantees on company loans where the loan-to-value is less than 50%.
The lender claims the the changes are a direct response to a recent survey of 100 of Drawbridge’s “key”” partners.