Central Bridging has confirmed access to what it calls new “game changing” funding lines.
The new funding lines are dedicated to the provision of some large bridging loans, ranging from £5m to £50m in a single transaction.
These new ‘jumbo loans’ can be secured against both residential and commercial properties. They are available for LTVs of up to 65% of open market value on residential and 60% on commercial and semi-commercial property. Terms can be from 3-24 months with rolled up or serviced options available.
Last week, Central Bridging issued terms on a £30m loan on a commercial property in Canary Wharf and a £17m loan on a residential property in Zone 1.
John Clifford (pictured), managing director at Central Bridging, said: “We have a team with the skill-set and knowledge needed to complete these exceptionally large loans quickly. Crucially our new funders allow us to retain full decision-making autonomy in house ensuring that we can offer an initial director’s decision and terms within hours.
“Finding lenders that will consider these jumbo loans against high value, single unit properties and won’t impose a maximum property value has been all but impossible in recent years so I’m absolutely delighted that we can now offer this unique and exciting product proposition to our professional colleagues.”