Paradigm Mortgage Services has expanded its bridging lender panel following the addition of Precise Mortgages.
Precise Mortgages’ range both regulated and non-regulated bridging products, and is in areas such as standard bridging, light and heavy refurbishment, and second-charge lending.
There is no maximum loan size and LTVs go up to 75% on standard bridging.
It will lend on residential and investment properties, limited company and individual applications, with security on a first or second-charge basis.
While lending is in England, Wales and Scotland, postcode restrictions do apply.
There are no exit fees or early redemption charges, and interest can be paid monthly or retained for the term of the loan.
“There are a growing number of lenders in the bridging loan space with a considerable difference in terms of propositions, product offerings and their approach to lending,” said Bob Hunt, chief executive of Paradigm Mortgage Services.
“Precise Mortgages is a relatively new lender in this sector but it has swiftly established itself as a key player and in our opinion is raising the bar of responsible leading by bringing a mainstream mortgage approach to areas such as bridging loan fees and interest rate transparency.
“I have also been impressed by its focus on broker education and its work ensuring the intermediary sector is fully informed about the huge differences between lender offerings and operations. Anyone involved in bridging will know there is a considerable regulatory interest in the sector and the activities of brokers, introducers and lenders. It is therefore important that Paradigm members have access to a bridging lender partner that takes its business seriously and is operated in a clear and transparent manner.”
