They are available through two brands
Specialist lender OSB Group has launched an extensive new bridging proposition through Precise Mortgages and InterBay to support those that require short-term lending solutions.
The lender said the new product range was launched in response to current high demand for heavy non-regulated refurbishments on properties, which has arisen because of the lack of available stock in the property market.
“This launch coincides with the changing property market which includes the increased demand for HMOs and the changes in permitted development rights,” Emily Hollands, head of specialist finance at OSB Group, said.
“From our own research and market knowledge, we know that investors are looking at a wider range of properties for conversion into residential units as well as changing commercial usage from pure office space into a combined ‘work-eat-sleep’ offering,” she added.
To help make the process easier, OSB Group has introduced a two-tier offering, in addition to its standard bridging finance range, which allows a wider choice of streamlined options for brokers.
These include structural works and extensions for residential customers or funding for the conversion of commercial premises through the InterBay range. Rates start at 0.47% for both regulated and non-regulated products through Precise Mortgages and InterBay, with LTVs up to 75%.
There is a new developer exit range up to 75% LTV, available through InterBay.
Conversions of houses into flats and works that require planning permission are allowed through both brands. Meanwhile, conversions of commercial units into flats are permitted through Interbay, which also has an expanded solicitor panel including dual legal representation.
“With our combined expertise across both Precise Mortgages and Interbay, we’re confident in being able to offer the best support and knowledge across short term lending and this new product range cements our commitment,” Hollands said.
Rob Jupp, chief executive at Brightstar Financial, was one of those who was “pleased to see such a comprehensive range of products.”
“It’s wonderful to have InterBay back into the bridging market, alongside Precise Mortgages, and their dual-branded approach offers the next level in terms of support and expertise. This new product range is very timely for the market,” Jupp said.
