Cuts on bridging loan rate for March by TAB

TAB’s first charge residential bridging loans is offering a reduced rate in March.

The lender says its fixed-rate loans are for up to two years at a loan to value of up to 70%, starting at a rate of 6.99%.

With no exit fees, loans range to a maximum of £1m.

These loans are secured against UK property, says TAB, adding that the business “can be flexible with their valuations and consider projects that may not suit traditional lenders”.

“Our interest rate reduction for the month of March is a token of appreciation for our brokers and borrowers. We will continue to deliver the same service to our customers and we hope that the new rates will add value.” says TAB sales director Nick Russell.

Russell adds: “These improvements to our residential product offering, will provide the short term lending market with access to the capital they need just in time to benefit from the stamp duty holiday.”