Specialist lender OSB Group has launched a range of relays through its Precise Mortgages and InterBay brands.
The group says it has introduced a two-tier offering on top of its standard bridge financing options to allow brokers more choice. These include structural works and extensions for residential customers, as well as financing for the reconversion of commercial premises via InterBay.
Highlights across all ranges include rates that start at 0.47% for regulated and unregulated products through Precise Mortgages and InterBay, with LTVs of up to 75%.
It also includes a new developer exit range of up to 75% LTV, commercial unit to apartment conversions and an expanded panel of attorneys including dual legal representation at InterBay.
Other options include converting houses to apartments and work that requires planning permission available through Precise Mortgages and InterBay.
The group says it timed the launch to coincide with the current high demand for unregulated heavy renovations on properties, due to the lack of available stock in the property market.
It says housing stock is down 11 per cent in 2020 to 2021 from the previous 12 months, and the supply of private rental accommodation in England has fallen by nearly 260,000 over the past five years, according to data from the government.
Emily Hollands, OSB Group Head of Specialist Finance, said: “This launch coincides with developments in the property market, which include increased demand for multi-occupancy homes and changes in permitted development rights.
“From our own research and knowledge of the market, we know that investors are considering a wider range of properties to convert into residential units as well as changing the commercial use of pure office space into a combined offering.” work/eat/sleep”.
“With our combined expertise on Precise Mortgages and InterBay, we believe we can offer the best support and knowledge in short-term lending and this new product line cements our commitment.