LendInvest has introduced a new stepped bridge product range with the aim to provide simpler access to short-term finance.
A stepped rate bridging loan is one where the rate will increase at intervals throughout the term of the loan, rewarding borrowers looking for even shorter-term finance.
Rates start from 0.74% on the unregulated residential 75% LTV bridging product, with broadening to all security types and LTVs to follow in December.
This product is suitable for landlords looking to complete light refurbishments to increase rental yields, or for SME developers looking to generate additional capital, and investors looking for fast acquisitions before refinancing.
The stepped bridge can be accessed through a dedicated BDM, or directly via the LendInvest Bridging Portal, and borrowers are eligible for free valuation and legal fees when exiting onto the standard LendInvest Buy-to-Let range.
Leanne Smith, head of bridging at LendInvest, said: “At a time where product innovation is key, the team at LendInvest continues to deliver for brokers and their clients. By listening to how best we can support borrowers looking to generate additional capital and move quickly to acquire a property before exploring refinancing options, we hope to continue our customer first ethos through tailored product development.”