Preferred Mortgages has partnered with Cheval Property Finance Plc to offer bridging loans to provide intermediaries with access to interim funding for their clients with minimal formalities.
The most common use for bridging finance is to assist people buying property before their present house is sold. Preferred believe this type of funding is much underused and can benefit customers in a variety of circumstances such as during a property refurbishment.
The scheme offers access to funding at competitive interest rates with no minimum term. Funding is available for up to 12 months and loans are available up to £750,000.
Simon Biddle, marketing development manager at Preferred Mortgages says: “This scheme is a deal saver which could mean the difference between an intermediary's client completing on their purchase or losing their deposit and their next property.
“We are pleased to be partnering with Cheval as its in depth experience of the market and flexible method of lending complements the Preferred approach.”