Mercantile Trust, the specialist lender in bridging, buy-to-let and commercial financing, has announced the launch of a new fixed rate option for its bridging finance loans.
The new offering is available for loans starting at £25,000 and is applicable across England, Wales, Scotland and Northern Ireland.
The fixed rates are offered as an alternative to the existing variable rate options and are available across the entire range of bridging loans offered by Mercantile Trust.
The maximum loan-to-value (LTV) ratio for these fixed rate loans is set at 75%, except in Northern Ireland where it is capped at 70%.
Rates for the new fixed option start from 1.06% per month, with no minimum term specified and a maximum term limit set at 18 months.
First-time landlords and first-time buyers are among those who are eligible to apply, in addition to seasoned property professionals.
Reflecting its flexible lending philosophy, Mercantile Trust evaluates each loan application based on its individual merits, aided by the use of in-house legal services and automated valuations.
Maeve Ward (pictured), director of commercial operations at Mercantile Trust, said: “Mercantile Trust will be announcing a series of new products over the next few weeks, all designed to expand our offering and offer alternative solutions for brokers and their clients.”
Ward continued: “Our new fixed rates provide greater options, plus certainty and flexibility to bridging customers, and will also appeal to those requiring smaller advances compared to those typically offered in the market.
“Our use of automated valuations and in-house legals enable applications to be turned around very quickly when timing is paramount. In addition, we encourage brokers to refer cases to the Mercantile Trust mortgage desk as they will assess each enquiry on its merit, offering solutions that otherwise might not have been available.”
