Precise launched an exit product for developers into its bridging product, reducing its overall offer on these loans by 7 basis points.
The specialist lender said the developer's exit would allow “customers in the process of selling, long-term financing or seeking to free up capital” to move on to other projects. 
The company, part of the OSB Group, has also updated its standards and expanded its loan-to-value range, with bridging rates starting at 0.62% per month and products available from 55% LTV to 75% LTV. It became.
Highlights of this range include:
Standard bridging for chain cutting, auction purchases Tier 1 refurbishments for cosmetic updates Tier 2 major refurbishments for large projects requiring changes to site area New developer Exit
The company adds that all bridging loans include:
Accepts regulated and non-regulated bridges No surrender or early repayment fees Daily interest calculation – minimum of 1 month Deferred interest available for the life of the loan Accepts non-regulated applications for limited businesses Tiered payments available for Tier 1 and Tier 2 regenerations Looking at up to 20 bedrooms
Alan Kimber, Precise Head of Bridging, added: “Regardless of the situation, a break in the chain can mean the difference between a customer getting their dream home and having to start over, which is why brokers and their customers are facing this right now. We understand the pressure.'' Stamp duty may be higher.
“These rate reductions and baseline changes and LTV band expansion reflect our efforts to reduce stress on unforeseen circumstances where bridging can be an ideal solution to meet your requirements.”
