Spring Finance announces bridging rate reductions and enhanced criteria
02 April 2024
Specialist lender Spring Finance (Spring) has reduced rates across their bridging product range and enhanced criteria with 75% LTV now being available for residential property purchases. AVM loan sizes have increased to £200,000 for all first charge bridging loans up to 65% LTV, with no upper limit on property value.
The changes are the first of a number of future enhancements that Spring will be making to its specialist lending products. In the coming weeks a suite of dedicated non-FCA regulated products will be launched along with lending in Scotland.
The announcement is made on the back of Spring having had a record month of lending. Spring has increased the size of its three institutional funding lines and expanded the sales team with the appointment of Amy Robinson who joined as business development manager, having previously worked at Apex and Natasha Satanas who joined as business development executive.
Jim Baker, sales director of bridging said “Spring has quickly built a reputation as a specialist lender that works in partnership with brokers to deliver clarity, simplicity and good value. Reducing rates and enhancing criteria is a clear sign of our confidence in the market. We have added two super hires in Amy and Natasha and we will continue to build a proposition to support brokers in delivering great outcomes for their customers.”
Andew Bloom, Chief Executive and owner of Spring commented “We have a very exciting roadmap for 2024 and are constantly developing our proposition to achieve our ambition of being one of the UK’s leading non-bank specialist lenders.”
About Spring Finance
Spring Finance Limited was established in 2011 as a second charge mortgage lender, lending to customers who don’t meet the normal criteria of high street banks and building societies. It is authorised and regulated by the Financial Conduct Authority for regulated mortgage lending and administration and registered with them for Consumer Buy to Let lending. In March 2022, Spring entered the bridging finance market lending on a first and second charge basis with a mixture of regulated and unregulated loans.
Spring’s focus has always been about treating customers as individuals, and not a credit score. Spring understands that people have different financial backgrounds and believes that just because a customer has bespoke requirements does not mean that they should be excluded from obtaining affordable finance. Spring’s personal and efficient service is central to their relationship-based philosophy and approach to lending.
FOR FURTHER INFORMATION
Jim Baker
Jim.baker@springfinance.co.uk
m: 07870 842613
