Afin Bank has launched a regulated bridging proposal that offers loans of up to 80% gross loan-to-value (LTV).
The new proposal is led by John Smith, who has been promoted to head of bridging at Afin Bank as part of the launch.
In addition to offering higher LTVs, Afin’s bridging product will roll up the interest payable at the end of the loan.
The new products include AVMs up to 80% LTV, open market value (OVM) valuations, dual representation, title insurance and personal borrower status, including for customers with UK visas and a limited credit footprint in this country.
Loans are available from £50,000 to £3 million with an arrangement fee of 2% on the net loan size, not the gross loan.
In addition, each deal will be individually underwritten by the bank’s team of underwriters.
Commenting on the launch, Smith said: “We looked at the needs of borrowers and in particular those who are poorly served by existing providers. What was clear is that they all wanted a common sense approach to lending and timely decisions so they can finance their plans, whether it be short-term financing or a light renovation before sale or refinancing.
“As bridging is a short-term facility, we also wanted to ensure customers could maximize their finances, which is why we lend up to 80% gross LTV, giving us access to funds to pay renovation costs from day one, and rolling up the interest payable at the end of the loan rather than requiring customers to make monthly payments.”