Afin Bank adds regulated bridging up to 80% LTV – Mortgage Finance Gazette
Afin Bank has launched a regulated bridging proposition offering lending of up to 80% loan-to-value (LTV) gross.
The new proposition is being led by John Smith, who has been promoted to head of bridging at Afin Bank as part of the launch.
In addition to offering higher LTVs, Afin’s bridging product will roll up interest to be paid at the end of the loan.
The new products feature AVMs up to 80% LTV, valuations based on open market value (OVM), dual representation as well as title insurance and personal borrower status, including for customers with UK visas and limited credit footprint in this country.
Loans are available from £50,000 up to £3 million with a 2% arrangement fee on the net loan size, not the gross loan.
In addition, each deal will be individually underwritten by the bank’s team of underwriters.
Commenting on the launch, Smith says: “We looked at the needs of borrowers and especially those who are being poorly served by existing providers. What was clear is that they all wanted a common-sense approach to lending and timely decisions so they can fund their plans, whether that is short-term financing or light refurbishment before sale or refinance.
“Because bridging is a short-term facility, we also wanted to ensure customers could maximise their finances, so we are lending up to 80% LTV gross, providing access to funds to pay for refurbishments costs from day-one, and rolling up interest to be paid at the end of the loan rather than customers having to manage monthly payments.”
