Mayfair launches low credit rating product
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Mayfair Bridging is launching a product aimed at clients with an adverse credit rating.
Unlimited Adverse enables borrowers to purchase property or refinance an existing asset for credit repair purposes.
Yasin Patel, director of Mayfair Bridging, says: ’’Unlimited adverse product allows clients a lifeline to enable them to repair their credit, stop repossession and save their investments. Not many lenders are lending to sub-prime clients but at Mayfair we are happy to help clients that are struggling’’
Mayfair accepts unlimited CCJ’s, arrears and missed payments irrespective of when they occurred.
The maximum LTV is 50% based on the open market value of the property secured by way of a first charge on investment residential or commercial property.
Shoaib Bux, director of Mayfair Bridging, says: ’’There has been a huge demand in the market for a product of this type as many adverse credit borrowers are being penalised and being tarred with the same brush. At Mayfair we look at each individual deal on its merits.’’
Readers' comments (1)
Anonymous | 14 Jul 2010 10:10 am
good product especially if borrower is going to sell the property and just needs those few extra months. good to see subprime lending slowly returning to market
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