While some Bridging lenders have stopped accepting new applications, there are still Bridging lenders, that can continue to support you.
Interbridge have just launched an innovative product that offers to lend 60% today and increase this to 70% after 90 days as the market recovers.
Other criteria from Interbridge includes:
- First and second charges
- Residential Properties and HMO's
- Mixed-Use Properties with residential space that is greater than 50%
- Commercial to residential conversions with or without planning or within Permitted Development Rights
Other offerings from a couple of our newer bridge lenders include:
Before COVID-19 entered our lives, MFS already looked at each potential case on a bespoke basis, and always use their common-sense underwriting approach to judge each deal on its merits.
That has put us in an excellent position to continue lending at this time.
Furthermore, we can confirm that we have three valuers on our panel who are still visiting properties, particularly around London, while ensuring that they are adhering to all Government social distancing guidelines.
Tuscan Capital remains open for new business and has managed to complete numerous pipeline deals and project draw-downs since lock-down. As you would expect, any new transactions will need to reflect the current environment with valuations being the first and obvious challenge. However providing we can establish a recent reliable valuation and the planned exit/repayment for the loan remains credible, we are happy to consider and issue a committed term sheet.
Don't forget to check out Knowledge Bank which has just started to include COVID-19 updates from some of the bridge lenders that are also still lending, and includes Octane, Shawbrook, MT Finance, LendInvest and Aspen.