Shawbrook has enhanced its bridging finance proposition with a range of pricing, loan to value (LTV) and underwriting changes.
The lender has increased the maximum day one LTV available on its Lending for Refurbishment Costs (LFC) product to 90% and reduced rates across selected bridging products.
As part of the changes, Shawbrook has lowered the threshold for its smaller loan products from £150,000 to £100,000. The move will provide rate reductions of up to 0.20% per month on loans between £100,000 and £150,000. For loans above £150,000, rates now start from 0.69% per month.
The lender has also introduced a number of underwriting changes aimed at simplifying the application process. These include making CLS title insurance available on LFC facilities, removing previous experience requirements for commercial bridging cases subject to a satisfactory exit strategy, and relaxing experience criteria for heavy refurbishment projects.
In addition, Shawbrook has reduced the number of documents required as part of the application process.
The changes follow the launch of the bank's automated AVM bridging proposition, which offers up to 75% LTV on individual houses and flats, subject to criteria.
Daryl Norkett, director of real estate proposition at Shawbrook (pictured), said: "We know brokers value speed, flexibility and certainty when placing Bridging cases. These enhancements are designed to make it easier to access funding across a wider range of scenarios, while supporting brokers with a more streamlined application process.
"We are particularly pleased to be extending the maximum LTV on our Lending for Refurbishment Costs product to 90% LTV. Having been pioneers in bringing this light refurbishment funding solution to market back in 2018, we’ve seen first-hand the success of this property strategy for so many investors."
