Redwood Bank has launched a residential buy-to-let bridging proposition, adding two new products to its lending range as demand for short-term property finance continues to grow.
The first product covers standard bridging for residential landlord property purchases, development exits and refinancing. The second targets refurbishment lending, funding improvements designed to enhance a property's value or make it more mortgageable. Both carry loan terms of six, nine and 12 months, with extensions of up to a further 12 months available. They can be used for bridge-to-term and bridge-to-exit strategies, giving landlords options over how they refinance, with a clear route to term lending with Redwood where needed.
"Bridging finance is a natural next step for Redwood as we continue to grow our lending propositions," said Stuart Davidson, chief commercial officer at Redwood Bank (pictured).
"We know our customers and brokers value speed, clarity and certainty, particularly when dealing with time-sensitive property transactions.
"This launch allows us to further support residential landlords, whether they are acquiring a property, carrying out improvements or managing a transition between funding arrangements.
"Importantly, it also strengthens our ability to build long-term relationships by supporting customers as their property portfolios develop and grow."
The products are aimed at landlords looking to move quickly, including those purchasing at auction, funding refurbishment works or bridging a gap before longer-term financing is secured. Borrowers will have direct access to Redwood's underwriting team throughout the process.
Residential landlords can also take advantage of Redwood's existing 100% valuation cashback offer, which applies across all its residential investment mortgages, including the new bridging loans.
The refurbishment product carries an additional benefit for investors focused on energy efficiency. Works funded through the bridging loan that improve a property's EPC rating can support eligibility for Redwood's Green Reward cashback, should the borrower choose to refinance onto a Redwood term product.
