Brightstar Financial has launched a new bridging facility via the Saffron Building Society.
Under the new arrangement the national intermediary hub can provide bridging funding at 0.75% per month for loans up to 70% LTV with interest charged daily.
Up to £15 million available through the tie-up.
“This is a major step forward in the way in which bridging funds are marketed,” claimed Kit Thompson, head of bridging and commercial sales at Brightstar,
“As a bridging specialist, Brightstar is able to offer fantastically competitive bridging finance directly to its intermediary introducers, with Saffron providing the funding line. Brightstar, as an expert in the bridging market is able to do what we do best, which is to market the funds in the knowledge that we have a secure funding facility to draw on.
“Brokers and their clients are not only going to benefit from the market leading rates but also the joint expertise of Brightstar and Saffron working closely together.”
Jon Hall, chief executive of the Saffron, added: “This is a ground breaking arrangement where we are allocating a tranche of funds specifically for Brightstar’s intermediaries.
“Brightstar has the knowledge and market understanding to deliver these funds to the market and I know that introducers to Brightstar will appreciate the competitive and transparent nature of the product we have designed.”