Spring Finance cuts residential and commercial bridging rates

Spring Finance has reduced rates across its residential, semi-commercial and commercial bridging loans.

The residential changes are across both FCA regulated and unregulated products.

First charge residential bridging finance is now available from 0.89% per month with LTVs up to 75%; second charge residential lending starts from 1.04% with LTVs up to 65%, and semi-commercial and commercial lending is now priced from 1.04%.

Earlier this year, Spring Finance launched a dedicated non-regulated bridging proposition.

Jim Baker, sales director of bridging and development at Spring, said: “Brokers recognise Spring as a lender that works in partnership with them to deliver clarity, simplicity and good value for their specialist bridging needs. Certainty of lending decisions and funding is core to our proposition but so is price.

"This latest reduction in rate maintains our leading position in the market and demonstrates our confidence that we will soon be seeing reductions in the Bank of England base rate.”