Omni Capital has made improvements to its broker-facing range of bridging, refurbishment finance and development funding products.
The changes take immediate effect and are available only through professional intermediaries.
The improvements announced by the lender consist of the following:
- Monthly interest rates are reduced by 0.2% across all products and loan categories.
- The rate reduction applies to both first and second charge borrowing options.
- Omni Capital’s headline monthly rate is now 0.75%.
- The maximum loan size for the Platinum Residential Bridge second charge plan is increased to £5 million across all loan-to-value (LTV) categories.
- The maximum LTV for the Platinum Refurbishment Bridge first charge plan is increased from 75% to 80%.
- The Introducer’s Fee (paid) for all second charge plans is increased from 1% to 1.5% of the gross loan value.
In addition, the lender’s Platinum-branded products – which are available on properties in prime postcodes within London and south-east England – qualify for high value loans up to £25 million and may, accordingly, be considered and priced on an individual case-by-case basis.
Colin Sanders (pictured), chief executive officer, said: “In the latter part of 2012, we conducted extensive research among our broker partners and asked what they wanted from Omni Capital in the New Year. We listened, absorbed and have responded decisively.
“By making these significant changes to our already flexible short-term product options, we are equipping our intermediaries with the means to offer their clients an even more attractive range of alternative borrowing solutions.
“Omni Capital has rightly established itself among brokers as a first-choice provider of high value short-term loans. That will continue. But the changes we have made, particularly in reducing our rates, will enable us to attract and entertain an even wider range of business from yet more introducers keen to work with a market-leading principal lender.”