The time it takes to apply for a bridging loan with Together has been slashed from around 30 minutes to just two after the specialist lender overhauled its bridging application process for brokers, while it has also enhanced its product range.
The new simplified application process has been designed to enable intermediaries to provide investors with a quote for a bridging loan – short-term secured loan designed to bridge a temporary cash shortfall when acquiring a property – in a matter of a couple of minutes, using the lender’s online portal, My Broker Venue.
Rates have also been reduced, with semi-commercial and commercial rates starting from 0.95% and 1% per month respectively. Residential rates will start from 0.65% and refinance rates will start from 0.75%.
Bridging products will now be tiered by loan purpose, amount and loan-to-value, and for auction property purchases there will be no lender’s legal fees and a free valuation scheme available on loans up to £500,000.
Marc Goldberg, commercial CEO at Together, which has also increased the maximum loan size on its regulated bridging products to £2.5m, up to a maximum loan-to-value of 50%, said: “Following feedback from our broker partners, we’ve taken steps to enhance both our products and our processes in relation to our bridging finance offering.
“We’re confident that the new streamlined process, combined with our low rates, will help us to assist brokers with even more bridging applications and to deliver the short-term finance customers are looking for.”