OSB Group launches new extensive range of bridging products through Precise Mortgages and InterBay
OSB Group, one of the UK’s leading specialist lenders, has launched an extensive new bridging proposition through Precise Mortgages & InterBay to support brokers with their client’s requirements for short term lending solutions. The range brings together a real breadth of product offering and utilises a combination of expertise across both brands.
The Group has timed the launch to help with the current high demand for heavy non-regulated refurbishments on properties, which has arisen because of the lack of available stock in the property market. Property stock is down 11%* and Government figures show that the supply of private rented housing in England has fallen by almost 260,000 over the past five years.
To help make the process easier, the Group has introduced a two tier offering in addition to their standard Bridging Finance range which allows a wider choice of streamlined options for brokers. These include structural works and extensions for residential customers or funding for the conversion of commercial premises through the InterBay range.
Key highlights across the ranges include:
- Rates starting at 0.47% for both regulated and non-regulated products through Precise Mortgages and InterBay
- LTVs up to 75%
- A new developer exit range up to 75% LTV through InterBay
- Conversions of houses into flats through Precise Mortgages & InterBay
- Conversions of commercial units into flats through InterBay
- Works that require planning permission available through Precise Mortgages and InterBay
- Expanded solicitor panel including dual legal representation through InterBay
Emily Hollands, Head of Specialist Finance, OSB Group commented “This launch coincides with the changing property market which includes the increased demand for HMOs and the changes in permitted development rights. From our own research and market knowledge, we know that investors are looking at a wider range of properties for conversion into residential units as well as changing commercial usage from pure office space into a combined “work/eat/sleep” offering. With our combined expertise across both Precise Mortgages and InterBay, we’re confident in being able to offer the best support and knowledge across short term lending and this new product range cements our commitment.”
Rob Jupp, Chief Executive Officer, Brightstar Financial said “This is a really exciting announcement from the OSB Group and I’m so pleased to see such a comprehensive range of products.”
“It’s wonderful to have InterBay back into the bridging market, alongside Precise Mortgages and their dual-branded approach offers the next level in terms of support & expertise. This new product range is very timely for the market”.
*Figures 20-21 compared with 19-20.