Aldermore appointed to 3mc bridging panel

Distributor 3mc has added challenger bank Aldermore to its bridging panel.

Aldermore launched into the short-term lending market in June via packager Finance 4 Business, after Mortgage Strategy revealed in October 2013 that it was looking at entering the bridging sector.

The lender offers bridging rates starting from 0.64 per cent per month on residential loans up to £3m and commercial loans up to £5m, with a maximum LTV of 75 per cent for both sectors.

3mc will pay a procuration fee of 1 per cent on all completed deals.

3mc director Doug Hall says: “We are delighted to be one of only a few distributors to have access to Aldermore’s new bridging facilities and this further enhances our existing specialist bridging, commercial and buy-to-let lending panel.

“Bridging is a fast growing market, which represents a great opportunity for brokers to boost their income.”

Aldermore managing director of mortgages and commercial lending Charles Haresnape says: “As a new bridging lender entering the market, we recognise that service is key. We have therefore been very careful in choosing our distribution partners and we’re delighted to have the opportunity to offer bridging facilities via 3mc.”

Aldermore announced this morning that it is eyeing a London Stock Exchange share flotation next month.