Saxon Trust launches tiered rate bridging loan
Transition and development lender Saxon Trust has added a graduated rate transition loan product to its range.
The product has a reduced rate of 0.55% for the first six months and offers loans between £150,000 and £5 million. It is available at up to 75% loan to value (LTV) on properties in England and Wales.
It has a duration of 12 months, of which the first six months will be at the reduced rate, while the rest will be at the full rate.
Saxon will consider borrowers with adverse credit and allow all repayment structures. It is open to UK residents, overseas investors and limited companies.
Loans are also available on multi-unit properties and rented properties as long as insured short-term leases are in place.
Brian West (Photo)Head of Sales and Marketing at Saxon Trust, said: “This latest announcement underscores our commitment to the bridge industry.
“In a market where a vast array of lenders are competing for a finite number of borrowers, we will always look to bring new opportunities to the industry that open it up to new borrowers.”
Andrew Gardiner, Director of Saxon Trust, added: “We are passionate about understanding the needs of our borrowers and structuring loans tailored to their unique needs.
“In addition to offering the traditional strengths of a tiered rate product, the new financing has allowed us to develop a loan product that offers many unique benefits, including the ability to help a more diverse range of borrowers. ”
Shekina is the business writer for Mortgage Solutions. She has over four years of experience in the B2B publishing market, with previous industries including accounting, pets, funerals, hospitality, retail and jewelry. She currently reports mortgage market news and liaises with financial clients to produce sponsored content. Follow her on Twitter at @ShekinaMS