Precise Mortgages has replaced its Summer Special bridging product for loans between £1 million and £7.5 million with what it calls its Winter Warmer.
It has an interest rate of just 0.85% per month. The maximum loan size is capped at £7.5 million, but the rate is applicable to any LTV up to 75% (subject to fitting lending criteria).
The product has been limited to a maximum tranche of £10 million for standard bridging and light refurbishment products. The Facility Fee is 2% as standard and broker procuration fees are up to 1.30%.
There is a minimum term of three months up to a maximum term of 18 months and the product is available for both regulated and non-regulated deals.
“Our Premier Panel of packagers and the networks and distributors have supported us brilliantly so this is partly to thank them as well as helping us all to write more bridging business over the winter months,” said Alan Cleary, managing director of Precise Mortgages.