MS Lending Group has announced the launch of its new bridging product ‘The Day Rate.’
The Day Rate offers no ins, no outs, no arrangement fee, and no exit fee – meaning that borrowers only pay for the days they keep the bridge.
The product was developed for customers who need a short-term solution away from their current lender while their sale or refinance takes place.
In addition, the product was also aimed at property investors who are in and out of property deals very quickly, frequently transacting, and need help to be more agile in the market.
The product has no minimum term, a maximum term of three months and is available for residential property only on a first charge basis.
Michael Stratton, CEO and founder of MS Lending, said: “The Day Rate is a true bridging of the gap.
“Currently based on the slow turnaround times of refinances in the industry as a whole, coupled with slower sale timescales, it has never been more pertinent to have a product that offers customers a bridge for a short time.
“As a business we are relentlessly listening to our customers and clients, therefore offering a market leading product where you only pay for the time you need is a no brainer.
“This gives power back to the borrower that there is now an option of a short-term bridge or re-bridge without a minimum term period.”
