OSB Group has launched a new bridging proposition through Precise Mortgages and InterBay.
The group says it has timed the launch to help with the current high demand for heavy non-regulated refurbishments on properties, which has arisen because of the lack of available stock in the property market.
OSB has introduced a two tier offering in addition to its standard bridging finance range, offering streamlined options for brokers, including structural works and extensions for residential customers or funding for the conversion of commercial premises through the InterBay range.
Features of the new ranges include:
- Rates starting at 0.47% for both regulated and non-regulated products through Precise Mortgages and InterBay
- LTVs up to 75%
- A new developer exit range up to 75% LTV through InterBay
- Conversions of houses into flats through Precise Mortgages & InterBay
- Conversions of commercial units into flats through InterBay
- Works that require planning permission available through Precise Mortgages and InterBay
- Expanded solicitor panel including dual legal representation through InterBay
Emily Hollands (pictured), head of specialist finance at OSB Group, said: “This launch coincides with the changing property market which includes the increased demand for HMOs and the changes in permitted development rights.
“From our own research and market knowledge, we know that investors are looking at a wider range of properties for conversion into residential units as well as changing commercial usage from pure office space into a combined ‘work/eat/sleep’ offering.
“With our combined expertise across both Precise Mortgages and InterBay, we’re confident in being able to offer the best support and knowledge across short term lending and this new product range cements our commitment.”