Specialist buy-to-let and bridging lender Precise Mortgages has launched automated property valuation products for bridging finance applications while physical property inspections remain unavailable.
The new products are available for regulated and non-regulated bridging standard bridging although the lender is not accepting properties in need of refurbishment. It is available up to 50% loan-to-value including the retained interest for properties in England, Wales and Scotland and limited company applications are accepted.
Precise's rate for bridging loans greater than £200,000 is 0.49% rising to 0.54% for bridging loans less than £200,000 and there is a 2% arrangement fee. The maximum loan size is £375,000 and the maximum property value is £750,000.
Aaron Strutt, product director at Trinity Financial, says: “If you are struggling to get a mortgage agreed in time to secure a property purchase then a bridging loan may be a good solution for you.
"At the moment the lenders are likely to accept the more straightforward transactions where the property is in good condition. Our brokers have access to bringing lenders like UTB offering 55% loan-to-value bridges on £1 million properties."
Unacceptable properties or transaction types
Precise has a long list of property types that are not acceptable for bridging loans while physical valuations are unavailable.
They include new build properties or properties converted within the last 24 months. Properties that have never been occupied HMOs (including student lets). Multi-units, freehold blocks, flats, holiday lets and properties with more than 2 acres.
Also, the lender cannot accept listed buildings or properties made from modern methods of construction and homes with short leases with less than 85 years remaining. or commercial and semi-commercial properties, properties adjacent to or above commercial premises, properties subject to renovation or refurbishment. Development exits, further advances, retentions or stage releases cross collateral charges.
Call Trinity Financial on 020 7016 0790 to secure a bridging loan