Together has cut its bridging application process time from thirty minutes to two.
The lender says brokers could generate a quote in sixty seconds and an offer in two minutes using the lender’s online portal, My Broker Venue.
The firm has increased the maximum loan size on its regulated bridging products, taking it from £1m to £2.5m for all plans, up to a maximum loan-to-value of 50 per cent.
Together has also cut rates, with semi-commercial and commercial rates starting from 0.95 per cent and 1 per cent per month respectively.
Residential rates will start from 0.65 per cent and refinance rates will start from 0.75 per cent.
Bridging products will now be tiered by loan purpose, amount and loan-to-value.
For auction property purchases there will be no lender legal fees and a free valuation scheme available on loans up to £500,000.
Together commercial chief executive Marc Goldberg says: “Following feedback from our broker partners, we’ve taken steps to enhance both our products and our processes in relation to our bridging finance offering.
“We’re confident that the new streamlined process, combined with our low rates, will help us to assist brokers with even more bridging applications and to deliver the short-term finance customers are looking for.”