Challenger bank to launch bridging loans

The short-term loans, available across the country, are a new category of products from the challenger bank.
Available for up to 12 months, the loans are for between £100,000 and £1.5 million at a maximum loan to value of 70% for residential and 60% for commercial properties. The charging rate is from 0.95% per month.

Cambridge & Counties’ bridging loans are designed for sole traders, partnerships, LLPs, limited companies, charities and PLCs looking to buy, transfer or refinance property.
 

Mike Kirsopp, CEO at Cambridge & Counties Bank, said:

“Customers and brokers impressed with our ‘can do’ approach to lending have been asking for us to provide a wider range of finance.

“We listened and can now provide bridging to enable owner-occupiers and investors to access the money they need at the point they need it, meaning their investments can go ahead. We pride ourselves on giving quick decisions.

“And as with all our products, the bridging loans are straightforward and presented in a clear and uncomplicated way with simple application processes and paperwork.”

Cambridge & Counties Bank launched in June 2012 and has since lent more than a quarter of a billion pounds to SMEs and property investors in its Midlands heartlands and beyond.