Afin Bank launches regulated bridging up to 80% LTV

New product provides time-critical funding with non-compounded interest roll-up

Afin Bank has launched a new regulated bridging proposition offering lending of up to 80% LTV gross, designed for borrowers with time-critical funding needs, such as purchase before sale or sales delays.

In addition to offering higher LTVs, Afin’s bridging product also removes the pressure of monthly repayments by rolling up interest to be paid at the end of the loan. Interest is calculated on a daily basis and is not compounded, so customers pay exactly what is due when they exit.

Afin specialises in helping underserved borrowers who might struggle to get lending from mainstream providers, and its bridging proposition has been designed with the same philosophy, offering product features to make access to funding more straightforward.

These include:

• AVMs up to 80% LTV
• Valuations based on open market value (OVM), ensuring customers get the highest value
• Dual representation to get deals completed in a timely manner
• Title insurance and personal borrower status, including for customers with UK visas and limited credit footprint in this country

Loans are available from £50k up to £3 million with a 2% arrangement fee on the net loan size, not the gross loan. And as with all of Afin’s lending, each deal will be individually underwritten by the bank’s expert team of underwriters.

The new proposition is being led by John Smith, who has been promoted to Head of Bridging at Afin Bank. He said: “We looked at the needs of borrowers and especially those who are being poorly served by existing providers. What was clear is that they all wanted a common-sense approach to lending and timely decisions so they can fund their plans, whether that is short-term financing or light refurbishment before sale or refinance.

“Because bridging is a short-term facility, we also wanted to ensure customers could maximise their finances, so we are lending up to 80% LTV gross, providing access to funds to pay for refurbishments costs from day-one, and rolling up interest to be paid at the end of the loan rather than customers having to manage monthly payments.”

Afin’s bridging loans are exit-dependent so the customer must complete a robust, defined and evidenced exit strategy to ensure repayment within the loan term.

The new bridging product joins Afin’s existing offerings of residential and buy-to-let mortgages for customers underserved by mainstream lenders because of their circumstances, such as the self-employed and contract workers, people with complex incomes, qualified professionals, high-net-worth customers and foreign nationals with a UK work visa.

For more information about Afin Bank visit www.afinbank.com follow it on LinkedIn and @AfinBankUK on X and Instagram.

ENDS

Contact Paul Beadle: email Paul.Beadle@afinbank.com or mobile 07801 105001

Notes to editors

Afin Bank was created to help some of the UK’s most underserved customers, from the self-employed, contract workers and foreign nationals with a UK work visa, through to qualified professionals and high-net-worth customers.

It offers a range of residential and buy-to-let mortgages for properties in England and Wales, and FSCS protected savings accounts.

At Afin Bank we understand that life isn’t always a straight line

Your circumstances change, your needs change

And what works for everyone else may not work for you.

Self-employed or self-made

Career change or career break

Just starting out or starting to slow down

Saving for a dream or for a rainy day.

That’s why at Afin Bank, all finance is personal.

Through expert understanding of your needs

And products that make the complex more straightforward

You’ll be empowered to take control of your finances.

Whoever you are, wherever life takes you, we’ll be there.

Because life doesn’t fit in a box