Bridging lender SDKA has launched its first ever bridge-to-term product.
The loan can be secured against residential and semi-commercial properties and is available for up to 36 months.
Pricing for the first year bridge element is 1% per month, falling to 0.875% per month for the two-year term.
The bridge-to-term product has a 2% arrangement fee.
SDKA will consider loans up to £300,000 and fee is paid or valuation required at the point of conversion from the bridging loan to term product.
Brokers will be paid a proc fee upfront, the size of which the lender does not publicly disclose, plus an additional 0.5% when the term element begins.
The lender says its pre-tax profits for the year to March were £3.7m in what were “difficult market conditions”.
SDKA managing director Kunal Mehta says: “We pride ourselves on assessing all cases on an individual basis and having flexible funding partners that allow us the option to complete cases outside of the standard criteria, and that is why we are able to perform so well in a competitive sector.
“The launch of our first bridge-to-term product adds another string to our bow and will help push us onto even greater results, because when brokers and direct applicants have used us once and experienced our exceptional service levels we know they will become repeat customers.”
