Pivot cuts bridging and development finance rates by 200bps

Pivot has cut its bridging and development finance rates by 200bps, with pricing now starting from 6% above Bank of England base rate.

Since its management buyout in February this year, backed by Foresight Group, Pivot has broadened its lending offering, including an expansion into commercial development finance, as well as reducing pricing across its loan products throughout England, Scotland and Wales.

Loan sizes range from £2m to £15m with terms up to three years. Residential bridging is available up to 75% LTV with development exit and stabilisation finance up to 70% LTV and commercial bridging up to 65% LTV.

In its development range, residential finance is available up to 70% LTGDV and 90% LTC, with commercial finance up to 65% LTGDV / 85% LTC.

Shahil Kotecha, CEO of Pivot, commented: “We’ve been working hard behind the scenes to make our offering as competitive as possible, while still reflecting the specialist nature of our lending proposition. Simplifying our rate model allows us to invite more conversations about interesting assets and funding scenarios which we have a strong appetite to support.

“Our intention is to ensure that our products are accessible and that we are actively supporting SME developers and investors throughout the country, leveraging our market-leading expertise and flexibility of funding.”