On standard residential bridging deals up to 65% LTV Precise will charge 0.9% per month and 1.1% up to 75% LTV.
The lender is also offering a light refurbishment product from 40% LTV at 0.9% a month up to 70% LTV at a higher rate and a heavy refurb product.
Clients can also borrow up to 90% of the purchase price of a development property if it was purchased below market value. The only other bridging lender offering this is Tiuta.
Last week Precise confirmed it would lend non-regulated short-term products over one month to 18 month terms to developers and landlords.
It is rumoured to be launching this week.
Rob Jupp, managing director of Brightstar Financial, a specialist distributor on Precise’s panel, said the rates were “knock-out”.
He added: “Precise’s innovative bridging range clearly demonstrates that they have engaged with specialist distributors. If their service can replicate the excellence shown by many of their peers they will have a truly winning formula.”
Danny Churchill of Commercial 1 said: "It is exciting as an intermediary to have Precise enter the short-term lending market. There is a wealth of knowledge and experience within their management team and their new product offering looks very aggressive and competitive indeed.
"There are many positive and innovative product offerings already in the bridging and short-term loan markets and another entrant in this sector is excellent news for brokers and their customers."
