Opportunity is a new bridging loan product secured on commercial properties and aimed at non conforming applicants. Maximum LTV is 70% of market value and rates start at 1.25% per month.
A main feature is that the cost of the valuation is refunded to the applicant after completion. All commercial properties on the UK mainland will be considered. Loans range from £100,000 to £2 million.
Superbridge has also launched an interest only commercial mortgage from one to ten years at 4.5% over bank base. Maximum LTV is 70% of 180 day valuation. All commercial properties will be considered as security including agricultural.
Zenith is the final product offering interest only loans from £4 million
upwards. Maximum LTV is 75% of MV with a term from ten months to three years. This product can also be used on an mezzanine basis in the right circumstances.
Managing Director, David Gammond, stated, “We are very pleased to be offering these new products at a time when lending generally is getting tight. Our view of the market is that we will never see a return to the levels of the recent property boom but that the credit crunch will loosen some of it’s grip early in the new year. We want to invest in people who share our view.”
