The offerings are available on let and multi-unit properties
Specialist bridging and development lender Saxon Trust has launched a new stepped-rate bridging loan product, offering borrowers a diverse range of benefits.
With a discounted rate of just 0.55% pm for the first six months, loans from £150,0000 to £5 million are available to a maximum 75% LTV across England and Wales.
The new product has a 12-month term and a minimum interest period of seven months with the first six months being at the lower discounted rate, and the remainder at the non-discounted figure.
Borrowers with adverse credit can also be considered. The new loans are acceptable on all repayment types, and they are also available to foreign nationals, as well as UK residents and companies.
Designed following consultations with both brokers and borrowers, the new loans are available on let and multi-unit properties, provided assured shorthold tenancies are in place.
Andrew Gardiner, director at Saxon Trust, said the lender is passionate about understanding the needs of its borrowers and structuring loans that are tailored to meet their unique requirements.
“We are delighted that, as well as offering the traditional strengths of a stepped-rate product, new funding has allowed us to develop a loan product that provides many unique benefits, not least of all the ability to assist a more diverse range of borrowers,” Gardiner stated.
Brian West, head of sales and marketing at Saxon Trust, added that the launch of the new product underlines the lender’s commitment to the bridging sector.
“In a market where a huge range of lenders compete for a finite number of borrowers, we will always look to bring new opportunities to the sector, opportunities that open up the sector to brand-new borrowers,” West said.