Aldermore is moving into the bridging market, with products to be offered through the packager Finance 4 Business.
Fixed rates on residential investment bridging loans start at 0.75% with maximum loan sizes of £3m and facilities at up to 75% loan to value available.
Commercial bridging loans start at 1.3% with lending up to £5m and a maximum of 65% LTV.
When customers are ready to exit their bridge loan, Aldermore says its bridge to term offering enables them to switch to a residential or commercial product for long term funding. This will be available across the Bank’s range of residential and commercial mortgages, with reduced legal fees.
Aldermore’s short term lending team based in Wilmslow is headed up by Lauren Dolezel, who was previously head of operations in the commercial mortgages division.
Peter Byrne has been appointed senior operations manager and he has more than 20 years experience in the financial services industry. Most recently, Byrne was a contracting manager on behalf of Deloitte and has also worked for GE Home Lending, Capital One and Moneypartners.
Chi Ho has been appointed as senior underwriter. Most recently, Ho was underwriter for Bridgebank Capital and has also worked for Blemain Group, Haydock Finance, Davenham Trust and RBS Group holding roles predominantly in underwriting and risk & recoveries.
David Quinney has been appointed as short term loan processor and most recently worked for Davenham Trust where he was a client manager in its property finance division.
Charles Haresnape, Aldermore residential mortgages managing director, said: “I am delighted to announce our entry into the bridging loan market. This is an important area of the market that allows greater flexibility for customers who are looking to bridge the gap between purchase and sale. Also for those borrowers who are looking to capital raise, meet tight deadlines for auctions purchases or where other finance has failed to materialise in time.
“We will help our customers to bridge the gap while longer term financing can be secured. We aim to offer short term finance and long term support.”
Dolezel added: “It is an exciting time for the team launching into this market and we aim to provide clients with fast, flexible and transparent short term finance that will support them all the way through to securing long term finance and beyond, if they need it.”
