Precise and Brightstar give £5m New Year boost to bridging

The main features include rates at 1%, free valuations on properties up to £600,000 and a minimum term of three months.

Brightstar’s director of Bridging & Commercial, Kit Thompson, said the funding gives brokers an opportunity to refinance an existing bridge.

He said: “We are delighted to be asked to help in the distribution of this important new product. The product is particularly versatile which will be welcome news as we know brokers will have clients who will be anxious about their existing short term funding.”

The funding can be used for standard and light refurbishment for minimum loans of £250,000.

Roger Morris, sales director at Precise Mortgages, said: “We always aim to provide what the market needs and Brightstar Financial is well placed to help these funds reach the market quickly and efficiently.”