West One Loans has reduced rates for unregulated residential bridging loans across a range of its products by up to 4% per month.
The move, which comes following a period of sustained growth for the industry, makes the specialist lender’s rates among the cheapest in the market.
The rate reduction means that loans for properties valued at under £2.5m now have rates starting at 0.55% per month up to 50% loan-to-value (LTV), and ranging to 0.85% for LTVs up to 74.5%.
In addition, West One has also made significant pricing reductions across its entire range of bridging products.
Marie Grundy, sales director of West One Loans, said: “At a time when there is change afoot in the bridging loan market, we see this move to reduce the rates on unregulated residential loans as an important shift to support our core customers.
“Property professionals have long valued our ability to get deals done when time is of the essence, and to take a commercial view when they’ve come to us with complex financing situations for their development or property portfolio work.
“Now, they can get that speed and flexibility with some of the best rates in the market. That’s even more important in this period of economic volatility, where the demand for quick and flexible financing options that are also low-cost has never been greater.”