Specialist lender Mercantile Trust has revamped its bridging range, cut rates and set up a dedicated mortgage desk for brokers.

The firm, which also focuses on buy-to-let and commercial lending, adds that its residential product range now includes – micro, light and heavy refurbishment as well as second charge bridging products.

It says it has brought down its rate charges by up to 25 basis points, with rates now starting at 0.75%.

The firm says on residential bridging loans, when no works are required, finance ranges from £50,000 to £500,000 as both a first and second charge up to 75% LTV.

Micro bridging loans are available between £25,000 and £49,999 as either a first or a second charge up to 75% LTV.

Light refurbishment bridging loans are available between £50,000 and £500,000 as either a first or a second charge up to 75% LTV.

It says its heavy refurbishment bridging loans are for properties that need significant structural improvements that require planning, such as wraparound extensions, digging into the basement and loft conversions. These loans are available between £50,000 to £500,000 as a first charge only up to 75% LTV.

It adds that its second charge loans are available between £50,000 to £500,000 up to 75% LTV.

The lender says the newly-created mortgage desk will act as “a central point of contact for broker enquiries and referrals”.

It adds: “The sole objective of the mortgage desk is to ensure that each and every case is assessed on its individual merit and to provide brokers with clarity on what is required from the outset ensuring that the goal posts do not move later down the line.”

Mercantile Trust director of commercial operations Maeve Ward says: “We’ve spent considerable time talking to brokers about how to make our proposition clearer and more attractive to borrowers. Our new range offers keenly priced products that cater for a wide variety of scenarios.

“Alongside these product improvements, our new mortgage desk has been designed to make the broker and customer journey smoother.”

The firm adds that all of its bridging products come with the ability to refinance to term, and no early repayment charges. Its interest charges are calculated daily with the ability to service or roll interest payments.