Recognise Bank has increased the maximum loan-to-value ratio on its residential bridging finance from 75% to 80%.
The change takes effect immediately and is accompanied by the introduction of short-form valuations and automated valuation models on selected residential bridging cases.
The lender said the valuation options would help to simplify applications and improve the speed of its service.
Recognise Bank provides bridging finance across residential and commercial property, including buy-to-let portfolios, houses in multiple occupation, mixed-use and semi-commercial assets, commercial investment properties and owner-occupied business premises.
Rates start from 0.77% a month. The finance can be used for light refurbishment, development exits, auction purchases and other time-sensitive transactions.
The bank has been expanding its lending range and operational capacity as it seeks to serve more brokers, property professionals and small and medium-sized businesses across the UK.
Luke Watson, director of intermediary sales and lending at Recognise Bank, says: “We can now support up to 80% LTV on the right residential bridging opportunities, providing greater leverage and helping clients access more of the capital they need to achieve their objectives.
“Our enhanced LTV offering is designed for well-presented residential properties with strong appeal to owner-occupiers and investors and that can be readily marketed and sold if required.”
