We continue to witness further pricing competition within the sector; with some of our lenders now willing to ditch their published rate card and work on a ‘case by case’ basis to offer a better deal for the client. This shows the level of competition amongst lenders for those super-vanilla deals.
We are also seeing a large increase in short term lending for property refurbishment, with an increase in PDR schemes and change of use projects. In fact, with the exception of our FCA regulated short term business, which by contrast doesn’t generally involve refurbishment, almost all of our non-regulated bridging loans here at Brightstar involved some element of refurbishment, whether just light refurbs or those projects involving change of use and planning consent.
We now have options for lending in both northern and southern Ireland, as well as the Netherlands and Spain. Products cater for loan requirements of £1m+ and features include: no valuation requirement and 3-10 day typical turnaround for completion of funds.
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