West One Loans has slashed its rates by up to 0.4% and is now offering deals from just 0.55%.
Loans for properties valued under £2.5m will start at 0.55% up to 50% loan-to-value (LTV) and range from 0.85% for LTVs up to 74.5%.
Marie Grundy, sales director of West One Loans, said: “At a time when there is change afoot in the bridging loan market, we see this move to reduce the rates on unregulated residential loans as an important shift to support our core customers.
“Property professionals have long valued our ability to get deals done when time is of the essence, and to take a commercial view when they’ve come to us with complex financing situations for their development or property portfolio work.
“Now, they can get that speed and flexibility with some of the best rates in the market. That’s even more important in this period of economic volatility, where the demand for quick and flexible financing options that are also low-cost has never been greater.
“We’ve supplemented that with a wider review of rates on all our bridging product lines, so brokers and borrowers know they have competitively-priced options for all their needs.”
Reductions can be seen across the entire bridging range from West One, including on their regulated residential loans and commercial loans.
Grundy added: “Today’s move fits with the approach we’ve taken to the business since we founded West One Loans.
“The update to our loan charges enables us to offer our borrowers the very best of both worlds: marrying great flexibility and superior service with competitive rates.”