Enness Private Clients has launched a new sub-0.50% bridging product available up to 40% loan-to-value.
The new product, which is priced at 0.49%, is available on regulated and non-regulated deals and brokers will be able to access it with immediate effect.
Islay Robinson (pictured), chief executive of Enness Bridging Finance, said: “The rates are some of the cheapest I’ve ever seen and crucially now provide a cost effective short-term lending solution for our valued clients.
“Many of the private banks provide bridging solutions well below 1% per month, but that’s not always a suitable recommendation. We now have a specialist in the field who can offer a comparable product as well as move quickly.
“I expect a reaction from the rest of the market but this lender has taken first mover advantage here and we will wholeheartedly support them.”
Additionally Enness has reduced the rates on all loans in the 40-50% LTV range to 0.54% which fits the above criteria.
For loans in the 50-60% LTV range the rate will be 0.75% and in the upper range of 60-70% LTV the rate will be 0.85%.
The client must have no mortgage arrears in the last two years and under £300 of county court judgements or defaults accepted.
The property must be in good condition and they cannot pay off another bridging lender with this product.
Standalone second charge bridging loans will remain at the same rate of 0.89%.