Spring Finance launches dedicated non-regulated bridging proposition

Spring Finance has launched a dedicated suite of products and processes for the non-FCA regulated bridging market.

The products will cater for standard residential property, light and heavy renovation schemes, commercial property and HMO conversions. Pricing starts at 0.94% per month, includes options for AVMs on residential property, and offers 70% LTV on HMO conversions with 100% funding for works. Commercial property LTVs go up to 65% based on market value. There are no early redemption charges on any products.

Having entered the bridging market two years ago, Spring says this launch aims to build its reputation in the unregulated market with a proposition that offers bespoke underwriting, a streamlined process, and certainty of funding with transparent and fair pricing.

Jim Baker, bridging sales director at Spring, said: “Spring is dedicated to delivering what matters and that means common sense decisions, slick processes and above all, brokers feeling they are working in partnership with us to achieve the funding needs of their clients. The unregulated market is flooded with lending options and promises of cheap pricing and punchy criteria, but the message I hear time and time again is brokers simply want a lender they can trust to deliver the funds. With a hugely experienced team, diverse and robust funding lines and an absolute dedication to building the strongest relationships, I am sure this offering will be well received."

Wayne Fitzpatrick, senior underwriter, added: “Non-regulated lending has a very different dynamic to the regulated space. Brokers want a rapid no nonsense service and to be able to communicate directly with experienced underwriters who understand the deal and are working with them to get the funds as quickly and as fuss free as possible. This is a key part of our offering and I am confident that brokers will love how we work."