Specialist lender TAB is offering a reduced rate for its first charge residential bridging loans in March.

The firm says its fixed-rate loans are for up to two years at a loan to value of up to 70 per cent, staring at a rate of 6.99 per cent.

Loans range to a maximum of £1m, with no exit fees.

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

TAB sales director Nick Russell says: “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.”

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.”