Crystal reduces bridging rates

For residential property, applicants can borrow between £30,000 to £2,000,000 over a period of one to nine months. Interest rates start at 1.25% per month above the Bank of England base rate, lending up to 70% loan-to-value or 80% of purchase price.

In relation to commercial property, the loan-to-value has risen to 65%, with interest rates now from 1.45% above the Bank of England base rate. Applicants can borrow £30,000 to £1,000,000 over a repayment period of one to nine months.

The company recently became the first UK company to publically re-enter the development funding sector with a new product aimed purely at small building projects.

Roger Dewsbery, senior underwriter at Crystal Mortgages, said: “We have recently seen well known bridging loan providers move into administration, so the time is right to remind the market that not only are bridging loans available, they are obtainable on the right terms.”