Drawbridge launches new products

Drawbridge Finance is offering second charge loans up to £2m from 1.3% a month on short term deals and 10.99% up to three years.

The loans are available on short and medium term residential and buy-to-let loans.

The highest LTV rate is 65% available between one month and 23 months, for more than £100,000 and up to £250,000 on £1m properties.

There are also 50%, 55% and 60% products with maximum loans up to £2m, £1m and £750,000 respectively.

The 65% LTV rate is 1.45% a month and drops 0.05% with each 5% LTV.

The deals are exclusive to the lenders’ partners, Positive Lending, Enterprise Finance, First 4 Bridging, Savills Private Finance and John Charcol.

Danny Waters, chief executive officer of Enterprise Finance, says: “We are delighted to be able to offer this market-leading second charge product range to our clients. In little more than a year, Drawbridge Finance has taken the short and medium-term loans market by storm, establishing itself as the lender of choice for the UK’s brokers with rates and a fee structure that beat the competition hands down.”

Paul McGonigle, managing director at Positive Lending, says: “With this exclusive on second charge loans, Drawbridge Finance has once again demonstrated that it is the standout lender within short and medium term finance. Its ability to comfortably lend up to £2m on a second charge basis meets a growing demand among professional property investors and landlords who need agile and proactive lenders.”

Mark Posniak, head of marketing and operations at Drawbridge Finance, adds: “Drawbridge Finance has a significant funds pool to draw on and the message we want to give to brokers with this second charge exclusive is that we are here and have a strong appetite to lend. However complex the borrowing requirements of your clients may be, we are ready to listen and will do our utmost to make the deal work.”