LendInvest has launched a Bridge to Term transition service for borrowers looking to purchase property at auction.
The product allows them to undertake refurbishment or carry out minor development before switching to one of the lender’s buy-to-let mortgages.
It is also available for other bridges that include refurbishment & bridges intended for minor development works.
At the same time LendInvest has cut rates across its residential and commercial bridging, development exit and auction finance products.
Monthly interest rates now start from 0.55% for residential bridging, auction and development exit and 0.79% for commercial bridging.
Matthew Tooth (pictured), chief commercial officer at LendInvest, said: “As the business’ lending capital grows, we are able to be more agile and offer better rates.
“Cutting our Bridging rates in this way, supported by the depth of expertise within our BDM and underwriting teams, puts us in a highly competitive position when it comes to providing quotes for finance to intermediaries looking for the best deal for the borrower.”