Hampshire Trust Bank has relaunched its transition business after creating a new team to work in this area.
The department is headed by Jamie Jolly, who joined the bank as head of bridges in August from bridge lender SoMo, where he was managing director.
Jolly has over 20 years’ experience in financial services and was part of the team that launched merchant bank Revverbank in 2019 and was previously a commercial manager at specialist lender Together for 15 years.
Hampshire Trust Bank says Jolly will be supported by specific business development managers, underwriters, appraisers, solicitors and a portfolio team.
The lender adds that its bridge business has been revamped and will offer loans of up to £25million at a maximum loan-to-value ratio of up to 75% of market value.
Its loan terms of up to 24 months cover all types of renovation projects, from light to heavy.
The unit will accept residential, commercial and mixed-use security as well as second loads as additional security. The company also handles discount purchase transactions.
Jolly, of Hampshire Trust Bank, said: “Hampshire Trust Bank has built an excellent reputation in specialist mortgages and development finance, but we have never really broken into the bridging market.
“We took the time to think about what we should do and how we should do it. It is clear that a bridge lender cannot be successful when done on the side of the desk.
“What we offer now is not an add-on or isolated part of an existing team – it is an experienced team solely focused on providing transition solutions and services to the broker market.
“As a team, we understand the need for simplicity and strong lines of communication. We submit all transactions to decision makers within hours of receiving the request. »