Master broker Creative Commercial Funding releases ‘white label’ bridge-to-let

Specialist short term master broker, Creative Commercial Funding, has gained access to an industry-leading bridge to-let product, giving professional landlords the option to borrow the flexible product.

Creative Commercial Funding, which already boasts an extensive range of borrowing solutions, will work with an unnamed lender, based in the North West, to provide the bridge-to-let facility. The product will offer borrowers an initial bridging facility for up to 80 per cent of a property’s purchase price with the option to extend it to 100 per cent of any retrospective refurbishment costs.

Unique to Creative Commercial Funding’s offering, however, the bridge-to-let deal offers borrowers an option to refinance their initial short term advance, transferring to a buy-to-let product after three months.

It is available on an interest-only basis, also at 80 per cent LTV, requires no minimum income and has no restrictions regarding encumbered properties with other lenders.

The product can be extended to cover up to six properties to provide a maximum of £1 million, but cannot be used to finance HMOs or Limited Companies.

All of the above criteria are subject to underwriting criteria.

Aidan Tiernan, Managing Director at Creative Commercial Funding, said:

“For the right client, we believe this will revolutionise the way in which borrowers buy rental properties in need of refurbishment. Our built-in refinance offer, which allows the borrower to transfer their bridge to a more conventional buy to let product at three months, is totally unique to the market.”

The Manchester-based firm also offers a wide range of products within development funding, bridging finance, and commercial mortgages and has access to a large panel of lenders.