Ultimate Finance is now offering Coronavirus Business Interruption Loan Scheme (CBILS) backed bridging finance products, following earlier accreditation for term loans alongside invoice finance and asset finance.
Ultimate Finance’s CBILS-backed bridging loans secured against residential properties are available from £100,000 to £2.5million up to 75% LTV, with fixed repayments and no interest or lender-levied fees paid within the first 12 months.
The company expects to be operationally ready to begin taking new applications via its approved broker partners from later this week.
Josh Levy, CEO of Ultimate Finance said, “Bridging finance is a significant and vital source of capital to the overall UK property market, and as a proposition provides the short-term finance that many borrowers require to buy themselves time to either sell properties or secure long-term permanent finance. Our CBILS facilities will enable SMEs to complete projects and have breathing space without the pressure of a looming repayment date.”
Liam Cavanagh, head of bridging at Ultimate Finance added, “With CBILS accreditation, we will go beyond our normal credit criteria to fill the funding void caused by market conditions.
“Our offering prioritises speed and flexibility, enabling the quick provision of capital to make up for reduced lending appetite elsewhere and allowing developers, housebuilders and buy-to-let investors to have a refinancing source away from existing facilities that have reached their repayment date.”