Omni Capital announces rate cuts
By Bridging Loan Directory -
Omni Capital says the changes take immediate effect and are available only through professional intermediaries.
The improvements announced by the lender comprise the following:
- Monthly interest rates are reduced by 0.2 per cent across all products and loan categories.
- The rate reduction applies to both 1st and 2nd charge borrowing options.
- Omni Capital’s headline monthly rate is now just 0.75 per cent.
- The maximum loan size for the Platinum Residential Bridge 2nd charge plan is increased to £5 million across all loan-to-value (LTV) categories.
- The maximum LTV for the Platinum Refurbishment Bridge 1st charge plan is increased from 75 per cent to 80 per cent.
- The Introducer’s Fee (paid) for all 2nd charge plans is increased from 1.0 per cent to 1.5 per cent of the gross loan value.
In a further example of lending flexibility, Omni Capital confirms that its Platinum-branded products – which are available on properties in prime postcodes within London and south-east England – qualify for high value loans up to £25 million and may, accordingly, be considered and priced on an individual case-by-case basis.
Full product details are available via the lender’s website: www.omnicapital.co.uk
Colin Sanders, chief executive officer, said: “In the latter part of 2012, we conducted extensive research among our broker partners and asked what they wanted from Omni Capital in the New Year. We listened, absorbed and have responded decisively.
“By making these significant changes to our already flexible short-term product options, we are equipping our intermediaries with the means to offer their clients an even more attractive range of alternative borrowing solutions.”
He continued: “Omni Capital has rightly established itself among brokers as a first-choice provider of high value short-term loans. That will continue. But the changes we have made, particularly in reducing our rates, will enable us to attract and entertain an even wider range of business from yet more introducers keen to work with a market-leading principal lender.”