Shawbrook has expanded its bridging proposition with a range of product and underwriting enhancements.
The changes include a day-one-loan-to-value (LTV) value of up to 90% on renovation cost (LFC) loans, lower prices on selected bridging products and a range of underwriting improvements.
The threshold for smaller loan products has been reduced from £150,000 to £100,000, delivering rate reductions of up to 0.20% per month for loans between £100,000 and £150,000.
Loans above £150,000 will also benefit from lower prices, with rates now starting from 0.69% per month.
In addition, Shawbrook has simplified a number of underwriting requirements.
CLS title insurance is now available on LFC facilities, commercial bridging no longer requires previous experience subject to a satisfactory exit strategy, and the onerous criteria for renovation experience have been relaxed.
The bank has also removed some underwriting requirements, reducing the number of documents required of brokers.
Shawbrook property proposition director Daryl Norkett says: “These improvements are designed to make it easier to access finance in a wider range of scenarios, while supporting agents with a more streamlined application process.”
“We are extremely pleased to expand the maximum LTV for our Lending for Refurbishment Costs product to 90% LTV. Because we were pioneers in bringing this light renovation financing solution to market in 2018, we have seen firsthand the success of this real estate strategy for so many investors.”