SPF launches exclusive bridging product
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Savills Private Finance is extending the scope of its portfolio by offering an exclusive bridging product aimed at auction finance.
The new bridging product is being funded through an undisclosed funding line and will offer borrowers a pay rate of 0.99%, a product arrangement fee of 0.75% and no early repayment fee.
For the time-being, it will only be available for those purchasing a property at any auction in London and the South East.
Andre Bartlett, associate director at Savills Private Finance, says: “We’ve been involved in bridging for a long time but this is the first time we have had a product that is exclusively available to clients of Savills Private Finance. We see bridging finance as an area of growth, and one which we are delighted to put our name to.
He adds: “The product will initially only be available for those purchasing property at auction, however we are always looking towards new avenues and there is certainly a possibility that we will expand to other areas in the future.”
The product is open to all mortgage brokers as well as applicants approaching SPF directly.
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