Bridging lender SDKA has launched its first ever bridge-to-term product.
The mortgage might be secured in opposition to residential and semi-commercial properties and is on the market for as much as 36 months.
Pricing for the primary 12 months bridge aspect is 1% per 30 days, falling to 0.875% per 30 days for the two-year time period.
The bridge-to-term product has a 2% association payment.
SDKA will think about loans as much as £300,000 and payment is paid or valuation required on the level of conversion from the bridging mortgage to time period product.
Brokers will probably be paid a proc payment upfront, the dimensions of which the lender doesn’t publicly disclose, plus a further 0.5% when the time period aspect begins.
The lender says its pre-tax earnings for the 12 months to March had been £3.7m in what had been “tough market circumstances”.
SDKA managing director Kunal Mehta says: “We satisfaction ourselves on assessing all circumstances on a person foundation and having versatile funding companions that enable us the choice to finish circumstances exterior of the usual standards, and that’s the reason we’re capable of carry out so properly in a aggressive sector.
“The launch of our first bridge-to-term product provides one other string to our bow and can assist push us onto even better outcomes, as a result of when brokers and direct candidates have used us as soon as and skilled our distinctive service ranges we all know they are going to turn into repeat clients.”
