Black & White Bridging has agreed a new funding line worth £100m to help the lender expand its bridging loan offering to brokers.
The new facility means that Black & White will also now increase its maximum loan size from £2.5m to £7.5m, which can be higher on referral.
Black & White, which operates through intermediaries, has doubled its total lending within the last two years, and the firm said the new funding line would help its aim to double in size again in the coming year.
It will also launch a range of bridging loans with more competitive interest rates and variable proc fees, enabling intermediaries to decide how much to earn and how low they would like the interest rate to be for their clients.
“We have ambitious growth plans, and this new funding line will enable us to increase the speed of our growth while helping intermediaries, investors and developers,” managing director at Black & White, Martyn Smith, said.
“We aim to make a real difference in the bridging market. Increasing our loan sizes and reducing our interest rates while maintaining excellent service shows our clear intention to make a positive difference.”
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