Spring Finance has reduced rates across its bridging product range and enhanced criteria with 75% LTV now being available for residential property purchases.
AVM loan sizes have increased to £200,000 for all first charge bridging loans up to 65% LTV, with no upper limit on property value.
The lender says that on the coming weeks a suite of dedicated non-FCA regulated products will be launched, along with lending in Scotland.
Spring has also reported a record month of lending. It has increased the size of its three institutional funding lines and expanded the sales team with the appointment of Amy Robinson who joined as business development manager, having previously worked at Apex and Natasha Satanas who joined as business development executive.
Jim Baker, sales director of bridging, said: “Spring has quickly built a reputation as a specialist lender that works in partnership with brokers to deliver clarity, simplicity and good value. Reducing rates and enhancing criteria is a clear sign of our confidence in the market. We have added two super hires in Amy and Natasha and we will continue to build a proposition to support brokers in delivering great outcomes for their customers.”
Andew Bloom (pictured), chief executive and owner of Spring, added: “We have a very exciting roadmap for 2024 and are constantly developing our proposition to achieve our ambition of being one of the UK’s leading non-bank specialist lenders.”