Precise has made significant rate reductions across its entire bridging range and introduced a new developer exit product, providing brokers with more options for short-term finance solutions.
The specialist bridging lender has changed its criteria and expanded its loan-to-value (LTV) bands, with bridging rates now starting from 0.62% per month.
Products are available from 55% to 75% LTV.
Highlights of the range include standard bridging for chain breaks and auction purchases, Tier 1 refurbishment for cosmetic updates, Tier 2 heavy refurbishment for larger projects, and a new developer exit product for customers selling or organising long-term finance.
All bridging products include regulated and non-regulated bridging accepted, no exit fees or early repayment charges (ERCs), daily interest calculations (minimum of one month), retained interest for the full term of the loan, acceptance of non-regulated applications for limited companies, stage payments on Tier 1 and Tier 2, and refurbishments of up to 20 bedrooms considered.
Alan Kimber (pictured), head of bridging at Precise, said: “The bridging market was expected to hit £10.9 billion in value by the end of 2024 and has continued to gain momentum as we get closer to the stamp duty changes coming in from April 2025.
“At Precise, we understand the pressures that brokers and their customers are facing at the moment as a chain break, regardless of the circumstances, could make the difference between a customer securing their dream home or having to start again and face higher stamp duty charges.
Kimber added: “These rate cuts along with the criteria changes and wider LTV banding reflect our efforts to help ease the stress for unexpected situations where bridging could be the ideal solution for their requirements.”
