Saxon Trust has launched a new stepped-rate bridging loan product.

The new loans start from £150,000 to £5m up to a maximum of 75% loan-to-value (LTV) across England and Wales. 

It also has a 12-month term and a minimum interest period of seven months with the first six months being at the lower discounted rate of 0.55% per month and the remainder at the non-discounted figure.

The new loans will be acceptable on all repayment types, and they are also available to foreign nationals as well as UK residents and companies.

Saxon says it will also consider borrowers with adverse credit. 

The new loans are available on let and multi-unit properties provided Assured Shorthold Tenancy’s are in place. 

Saxon Trust director Andrew Gardiner says: “We are delighted that as well as offering the traditional strengths of a Stepped-Rate product, new funding has allowed us to develop a loan product that provides many unique benefits, not least of all the ability to assist a more diverse range of borrowers.”