Precise cuts bridging rates and launches developer exit range

Precise has announced rate reductions across its entire bridging range and introduced a new developer exit product, providing brokers with increased options for short-term finance solutions.

The specialist bridging lender has also changed its criteria and expanded its LTV bands, with bridging rates now starting from 0.62% per month and products available from 55% to 75% LTV.

The new developer exit offering is for customers who are in the process of selling, organising long-term finance or seeking to release capital to move on to another project.

All bridging products are available for regulated and non-regulated bridging, with no exit fees or ERCs and daily interest calculations.

Alan Kimber (pictured), head of bridging at Precise, said: “The bridging market was expected to hit £10.9 billion in value by the end of 2024 and has continued to gain momentum as we get closer to the stamp duty changes coming in from April 2025. 

"At Precise, we understand the pressures that brokers and their customers are facing at the moment as a chain break, regardless of the circumstances, could make the difference between a customer securing their dream home or having to start again and face higher stamp duty charges.

"These rate cuts along with the criteria changes and wider LTV banding reflect our efforts to help ease the stress for unexpected situations where bridging could be the ideal solution for their requirements.”