OSB Group debuts bridging range
08 Apr 2022
OSB Group has launched a bridging range through its Precise Mortgages and InterBay brands.
The group says it has introduced a two-tier offering in addition to its standard bridging finance options to allow a wider choice for brokers. These include structural works and extensions for residential customers, or funding for the conversion of commercial premises through InterBay.
Highlights across the ranges include rates that start at 0.47% for both regulated and non-regulated products through Precise Mortgages and InterBay, with LTVs at up to 75%.
It also includes a new developer exit range up to 75% LTV, conversions of commercial units into flats and an expanded solicitor panel including dual legal representation at InterBay.
Other options include conversions of houses into flats and works that require planning permission available through Precise Mortgages and InterBay.
The group says it has timed the launch to coincide with the current high demand for heavy non-regulated refurbishments on properties, due to the lack of available stock in the property market.
It says property stock was down 11% in 2020 to 2021 compared with the previous 12 months, and the supply of private rented housing in England has fallen by almost 260,000 over the past five years, according to government data.
OSB Group head of specialist finance Emily Hollands says: “This launch coincides with the changing property market which includes the increased demand for houses in multiple occupation and the changes in permitted development rights.
“From our own research and market knowledge, we know that investors are looking at a wider range of properties for conversion into residential units as well as changing commercial usage from pure office space into a combined ‘work/eat/sleep’ offering.
“With our combined expertise across both Precise Mortgages and InterBay, we’re confident in being able to offer the best support and knowledge across short term lending and this new product range cements our commitment.”