Paradigm adds Precise to bridging lender panel
Mortgage club adds Precise Mortgages to its bridging lender panel as it has “raised the bar” of responsible lending.
From today (28 June), mortgage network Paradigm’s directly authorised member firms will be able to access the range of bridging loan deals available from Precise.
Precise offers a range of bridging products, both regulated and non-regulated, in areas such as standard bridging, light and heavy refurbishment, and second-charge lending. There is no maximum loan size and loan to values go up to 75 per cent on standard bridging.
Precise Mortgages will also be offering Paradigm members a dedicated helpdesk to handle all bridging queries.
Bob Hunt, chief executive of mortgage services proposition Paradigm Mortgage Services, highlighted that there are a “growing” number of lenders in the bridging loan space with a “considerable” difference in terms of propositions, product offerings and approach.
He said: “Precise Mortgages is a relatively new lender in this sector but it has swiftly established itself as a key player and in our opinion is raising the bar of responsible leading by bringing a mainstream mortgage approach to areas such as bridging loan fees and interest rate transparency.
“I have also been impressed by its focus on broker education and its work ensuring the intermediary sector is fully informed about the huge differences between lender offerings and operations.
“Anyone involved in bridging will know there is a considerable regulatory interest in the sector and the activities of brokers, introducers and lenders.
“It is therefore important that Paradigm members have access to a bridging lender partner that takes its business seriously and is operated in a clear and transparent manner.”