Lakeshield has launched a 7-day residential bridging product, offering loans up to £1m at rates starting from 0.85% per month.
The product is available up to 75% loan-to-value (LTV) and is designed to speed up completions with a streamlined valuation process.
No physical valuation is needed up to 60% LTV on purchases and up to 50% for refinances, while automated valuation models (AVMs) will be used at higher LTVs if suitable.
For refinances above 65% LTV, a physical valuation will be required.
The product is open to a range of borrowers, including those with adverse credit and foreign nationals.
It covers a variety of property types in England and Wales, such as houses in multiple occupation (HMOs), multi-unit freehold blocks (MUFBs), new-builds and listed buildings.
Daniel Rodney (pictured), co-founder of Lakeshield, said: “We’re really excited to bring this product to market.
“Brokers tell us that truly reliable, fast bridging is still rare.
“In testing, we completed several residential transactions in under seven days, which gave us confidence that we’ve built a repeatable process brokers can trust.
“We look forward to helping more clients move quickly on opportunities without delays.”
