Gareth Lewis, commercial director at MT Finance (MTF), has lifted the lid on the reasoning behind the decision to launch a new heavy refurb range with reduced rates to support its brokers and clients.
Short-term lender mtf has introduced the new heavy refurb bridging products are available from 0.80 per cent on LTVs of up to 70 per cent of the open market value.
Designed to cater for the increase in demand from borrowers wishing to add value to their investment by undertaking heavy refurbishment works, first and second charge applications are accepted, both with up to a 24-month loan term. There are no exit fees or early repayment penalties.
Borrowers can apply as individuals or through limited companies and the types of heavy refurbishment accepted include basement digs, loft conversions, completing a development project and commercial conversions to residential.
As part of the changes, the lender has simplified its pricing and dropped rates across its entire range. Rates now start from 0.75% on both its first and second charge bridging loans.
And Lewis said: "Over the past 10-years mtf has been consistently improving and streamlining its processes to offer borrower-friendly, fuss-free products that are transparent from the outset.
“Having listened to feedback from broker partners, we have created these new products to help property investors and developers access the finance they need, with speed and with minimum fuss.
"Property investors and developers are integral to the UK housing market, so it is vital they get the support they need so they can continue to provide supply to meet the ever-constant demand. At mtf, we are dedicated to supporting property investors and developers with the funding they require through our range of 1st and 2nd charge bridging loan products.”
Lewis was appointed commercial director in June and is responsible for overseeing product development and identifying new propositions to help further accelerate expansion.
He has more than 14 years of experience in the short-term lending market, having previously held roles at Tiuta and Cheval Property Finance, before joining Precise Mortgages in 2011.
On joining the business, he said: “The opportunity to join mtf at this exciting time in its growth was an easy decision to make. I have known Joshua, Tomer and the team for a number of years, and have always admired the way they have worked and built their reputation within the short-term market. I look forward to adding my experience to the team to help us evolve further.”
Fellow director of MTF, Joshua Elash, said: “We are delighted to welcome Gareth into the mtf family and are excited about the experience and expertise he brings with him. As we continue to grow and develop, Gareth will play a big part in our ongoing project of making mtf the market-leading specialist lender.”