Spring Finance enhances criteria and cuts bridging rates

Spring Finance has reduced rates across its bridging product range and enhanced criteria with residential property purchases now available up to 75% LTV.

AVM loan sizes have increased to £200,000 for all first charge bridging loans up to 65% LTV, with no upper limit on property value.

The changes are the first of a series of enhancements that Spring is making to its specialist lending products. In the coming weeks a suite of dedicated non-regulated products will be launched along with lending in Scotland.

Spring recently increased the size of its three institutional funding lines and expanded the sales team with the appointment of Amy Robinson who joined as business development manager and Natasha Satanas who joined as business development executive.

Earlier this month, Spring also launched a first charge residential remortgage product.

Jim Baker, bridging sales director at Spring Finance, said: “Spring has quickly built a reputation as a specialist lender that works in partnership with brokers to deliver clarity, simplicity and good value. Reducing rates and enhancing criteria is a clear sign of our confidence in the market. We have added two super hires in Amy and Natasha and we will continue to build a proposition to support brokers in delivering great outcomes for their customers.”

Andew Bloom, chief executive and owner of Spring, commented: “We have a very exciting roadmap for 2024 and are constantly developing our proposition to achieve our ambition of being one of the UK’s leading non-bank specialist lenders.”