Category: Bridging
According to the firm, it has entered the regulated bridging market as a result of increasing borrower demand.
The bridge enabled a property professional to exit an existing lender facility before incurring a 5% immediate default charge.
This is a limited time offer, available for new enquiries received by the lender before the end of November.
Collective Mortgage Network supports traditional mortgage advice and protection business, as well as bridging and development finance.
LendInvest has noted a record quarter for signed bridging applications in Q3 2020.
The total value of the 1,000 loans is estimated at £1bn and close to half of the loans (493) have already been redeemed.
Although lending figures were 36% below the pre-COVID levels of £180.94m, they had risen significantly from the £79.4m transacted in the previous quarter.
The property will serve as the applicant’s inaugural buy-to-let investment.
The offering is available at up to a maximum 75% LTV and includes a monthly rate of 0.59% for the first six months.
LendInvest will instruct Birketts alongside two existing panel firms on legal matters relating to buy-to-let mortgages and bridging finance.