Mercantile Trust has unveiled a raft of criteria enhancements alongside the launch of a new integrated calculator in a move designed to give brokers greater flexibility when placing cases.
The specialist bridging and buy-to-let lender says the updates are aimed at widening lending opportunities while maintaining its pragmatic, manual underwriting approach across bridging finance and buy-to-let mortgages.
Among the headline changes is an extension to maximum term lengths on term loans, increased loan-to-value (LTV) limits in Northern Ireland and a higher maximum loan size for second charge products.
The lender has also introduced valuation and LTV banding updates intended to help brokers progress cases more efficiently.
CRITERIA CHANGES
As part of the refresh, Mercantile Trust has extended the maximum term on term loans from 300 months to 360 months; increased the maximum LTV in Northern Ireland to 75%; raised the maximum loan size on second charges to £500,000; increased selected LTV bandings for Status 1 and Status 2 cases and begun accepting Automated Valuation Models (AVMs) on purchases.
The acceptance of AVMs on purchases is expected to help speed up transactions, particularly where time-sensitive completions are involved.
INTEGRATED CALCULATOR
Alongside the criteria enhancements, the lender has launched a fully updated, integrated calculator covering all products.
The new system features a redesigned interface, improved user experience and a simplified affordability process, with the aim of making case structuring quicker and clearer for brokers.
COMMON-SENSE IMPROVEMENTS
Tara Evans (main picture, inset), chief executive of Mercantile Trust, says: “We’re focused on giving our partners greater flexibility and helping them place more cases with confidence.
“These updates reflect our ongoing commitment to listening to the market and responding with practical, common-sense improvements that make a real difference.”
