LendInvest launches new 3 year bridge product
LendInvest, the leading specialist mortgage lender, has launched a new 3-Year Bridge product as a funding alternative to a conventional buy-to-let loan. It has been specially designed for experienced borrowers who are looking to raise capital, or looking to acquire a lower yielding property.
Key features of the 3 year bridge product:
- Interest is charged at 6.99% per year; pay rate 4.99% with 2% interest deferred
- Available on loans between £100,000 and £2 million
- Available on terms from 1 to 36 months
- A maximum loan-to-value of 70% on day 1 (rising to 75% as interest on the loan is deferred and rolled up)
- 110% interest cover minimum
Matthew Tooth, pictured, Chief Commercial Officer at LendInvest, said:
“Following an influx of enquiries from borrowers seeking to purchase or raise additional capital against a low yielding property, we developed this product with this niche audience in mind. The 3-Year Bridge acts as an alternative to a mainstream buy-to-let product, tailoring a traditional bridging loan for a longer term.”
This launch marks further expansion of the LendInvest product range. The 3-Year Bridge is LendInvest’s third product launched in 2017, following the successful rollout of Pre-construction Finance in April and Refurbishment Finance in February.