Bridgebank Capital has launched NINO, a ‘No Ins No Outs’ five-day bridging loan.
Currently a majority of lenders offer only a minimum of one month term loans or a one day back to bridge loan.
The five day 0.85% loan offered by Bridgebank applies to both residential and buy-to let purchases and is free from both drawdown and exit fees.
Barney Goodman business development executive at Bridgebank commented, “When researching the market, it was apparent that in a closed bridge scenario most providers were still offering minimum one month term loans which were not really needed by the borrowers. We are all aware of a multitude of circumstances which could impact on the ability to repay a one day bridge on time, and we took the view that a five day loan was more fitting for the purpose required.”
Introducer Today has just launched a new sub-site, Bridging Loan Today. For more news and features concerning this growing sector visit http://www.introducertoday.co.uk/Bridge_loan/