CHL Mortgages is widening its bridging criteria to accept higher levels of adverse credit history and introducing automated valuation models.
The specialist lender, which launched its regulated and non-regulated bridging proposition earlier this month, will consider applications involving unsatisfied county court judgments, debts and secured or unsecured arrears, subject to an underwriter’s review.
It is also introducing automated valuation models for eligible properties, removing the need for a physical valuation in some cases and allowing applications to progress more quickly.
The bridging range includes products for chain-break finance, auction purchases, light refurbishment projects involving non-structural internal upgrades and larger-scale heavy refurbishment projects that require structural work.
Rates start at 0.70% a month up to 75% loan-to-value, with loans from £100,000 to £10 million. The products have no exit fees or early repayment charges.
The range is available to directly authorised brokers through selected mortgage clubs and CHL Mortgages’ bridging packager panel. The lender plans to add further distribution routes over time.
Roger Morris (pictured0, group distribution director at Chetwood Bank for CHL Mortgages, says: “The enhancements create more solutions and will help support a wider range of complex bridging applications, whether that’s for clients with an adverse credit history or those who need quicker access to funding.
“As always, every case we receive is assessed by experienced underwriters who take a practical view of the overall application and understand that complex cases rarely fit neatly into a box.”
