Central Bridging launches £2m commercial product

Central Bridging launches £2m commercial product



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A Midlands-based funder has announced the launch of a new commercial lending product in response to a recent broker survey.

A Midlands-based funder has announced the launch of a new commercial lending product in response to a recent broker survey.

Central Bridging Loans (CBL) has added a new commercial product to its suite of lending solutions in direct response to its recent broker survey, which found that 17.8 per cent of those questioned considered the availability of commercial funding among their three most important criteria when choosing a lender.

The new product is available to fund loans worth between £100,000 and £2 million at up to 65 per cent LTV.

Any funds lent are typically available for a term of up to 12 months and levy a monthly rate of 1.25 per cent.

CBL’s new product is designed to finance transactions involving all and any types of commercial property, so long as any prospective borrower has a credible and robust exit strategy.

The lender has outlined a number of legitimate business uses, including:

  • Auction purchases;
  • Refurbishment deals;
  • Release from insolvencies; and
  • VAT on purchases, pending it being reclaimed.

Speaking about the product launch, Chris Wilson, Director at CBL, said: “We listened to our customers and have responded with the launch of our new commercial proposition. CBL is keen to let commercial developers and investors know that we have a huge appetite for lending in this market and have the funds and infrastructure to do so.”

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