LendInvest launches new 3-year bridge product
LendInvest has launched a new 3-Year bridge product as a funding alternative to a conventional buy-to-let loan. It has been specially designed for experienced borrowers who are looking to raise capital, or looking to acquire a lower yielding property.
.jpg?v=de12c703a64a56592dc840f23a12d6a7 "LendInvest launches new 3-year bridge product")
Key features of the 3 year bridge product, which is available on loans between £100,000 and £2m, include that interest is charged at 6.99% (pay rate 4.99% with 2% interest deferred) to a max loan-to-value of 70% on day 1, rising to 75% as interested is rolled up. The product is available on terms from 1 to 36 months and with a 110% interest cover minimum.
Matthew Tooth, Chief Commercial Officer at LendInvest, said:
“Following an influx of enquiries from borrowers seeking to purchase or raise additional capital against a low yielding property, we developed this product with this niche audience in mind. The 3-Year Bridge acts as an alternative to a mainstream buy-to-let product, tailoring a traditional bridging loan for a longer term.”
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
This week's biggest stories:
Santander
Santander launches 98% LTV ‘My First Mortgage’
First-time Buyer
Improved affordability sparks 20% rise in first-time buyers: NationwideÂ
Inflation
Further rate cuts dampened as inflation rebounds to 3.4%
Mortgage Rates
Two Big Six lenders increase mortgage rates as swaps rise
Bank Of England
Bank of England holds interest rates at 3.75% in narrow 5-4 vote
Interest Rates
Looser Fed policy stance could slow further rate cuts, policymakers warn