Interbridge Group is launching its European second home and investment property bridging loan proposition this month.
The product, which is believed to be the first standardised product of its kind, can be secured on property located in:
- Spain
- France
- Monaco
- Switzerland
- Germany
- Austria
Loans can be up to a gross 75% LTV, and range from €750,000 to €5m. The maximum term will be 24 months. The security properties must be owned by SPVs.
Sean Adams, chief commercial officer, said: “We are delighted to be able to launch this innovative product, which has been created following strong inbound demand from borrowers and their advisors.
“European banks have not been keen on cross-border residential lending since the GFC and, of course, Brexit has created financing challenges for second homeowners.
“Many European citizens are mobile and have cross-border lifestyles regardless of age. We all know that the pandemic has accelerated the desire to own a chalet in the Alps or a place in the sun. It has been a common frustration of borrowers that the financing products they have become used to in their home markets have not been available in transnational property transactions. We sincerely believe that the market has been waiting for our products”.
Sven Peter, chief executive officer, added: “The European cross border residential financing markets are rigid and stalling.
“At Interbridge we believe that this is wrong and contrary to the Zeitgeist of our people. Our product is a much needed means of opening avenues to liquidity through the leveraging of otherwise stagnant assets given the limited opportunities presented by the market.
“At Interbridge we want to become finance enablers and step in where vanilla financing providers do not want to support their customers.
“The team at Interbridge has done an amazing job building a company eco system that can deliver on that goal. Interbridge triangulates digital, financial and human resources around a multi-location architecture.
“We have created centres of excellence in all of our target markets. Our operations and IT functions are located in Vilnius at the pulse of Europe’s most dynamic fintech hub. We also maintain a strong presence in London, Europe’s financial capital and where the Interbridge journey began. I really look forward to growing the business dynamically”.
