Rates for bridging loans at £200,000 will now start at 0.43%, the bank’s lowest ever bridging rate.
The range essentially lets brokers “back their own judgment” when they do not agree with the lenders’ due diligence and underwriting risk assessment.
The improved Fast-Track qualifying criteria includes the maximum loan size increased to £750,000 net from £500,000.
The partnership aims to help FIBA members and intermediaries find the right legal deal to suit their clients’ needs and timescales in specialist markets.
Barney Drake, chief executive of Specialist Mortgage Group, said: “It has often been a roller-coaster ride over the last 20 years, but we are absolutely thrilled for the group to be hitting this milestone and to be looking forward to a future where we anticipate going from strength to strength.”
Adam Tyler, executive chairman at FIBA, said: “Whitehall Capital brings a creative and flexible approach with a really strong commitment to the FIBA membership as they take the next step in their evolution.”
The line, which is the latest in a number of funding lines secured by the business, will be used to fund bridging, refurbishment and development deals.
The new system brings West One’s bridging loans onto the same platform as West One’s development finance, buy-to-let and second charge lending.
Needham pictured) joins TMG after four years as a regional sales director for LSL and brings with him over 25 years of financial services experience.
The lender has hired Air Cover to communicate with mortgage brokers via its specialist trade media and national press.