Spring Finance has announced a reduction in rates across its entire range of bridging loan products. Alongside these rate cuts, the company has introduced an improved lending criteria, now offering residential property purchases with loan-to-value (LTV) ratios of up to 75%.

Furthermore, Spring Finance has expanded the availability of Automated Valuation Model (AVM) loans, raising the maximum loan size to £200,000 for all first charge bridging loans up to a 65% LTV ratio. These loans come with the added flexibility of having no upper limit on the property value.

Continuous Improvements and Expansion

These latest updates are just the beginning of a series of enhancements planned by Spring Finance. In the near future, the company aims to launch a suite of dedicated non-regulated products, along with extending its lending services to Scotland, broadening its reach and versatility in the specialist lending market.

Spring Finance has also strategically increased the size of its three institutional funding lines, demonstrating the company’s robust financial health and commitment to growth. This expansion is complemented by the strengthening of its sales team, with the recent appointments of Amy Robinson as Business Development Manager and Natasha Satanas as Business Development Executive, both poised to enhance broker partnerships and customer service.

Earlier this month, Spring Finance made headlines with the launch of a first charge residential remortgage product, further diversifying its portfolio and catering to a wider array of financial needs.

Industry Confidence and Future Plans

Jim Baker, Bridging Sales Director at Spring Finance, expressed the company’s dedication to working closely with brokers to ensure transparency, simplicity, and value in their offerings. “Reducing rates and enhancing criteria is a clear sign of our confidence in the market,” Baker stated, emphasising the strategic hires of Amy and Natasha as part of their mission to support brokers in achieving excellent results for their clients.

Andew Bloom, Chief Executive and Owner of Spring, shared his enthusiasm for the future, highlighting an ambitious roadmap for 2024. Bloom’s vision for Spring Finance is to establish it as one of the UK’s leading non-bank specialist lenders through continuous development and innovation in their product offerings.