West One Loans, one of the UK’s largest privately funded bridging finance companies, today announced the launch of an eighteen month bridging option for borrowers.
Bridging loans have a typical life span of up to twelve months; however this longer term option, which carries no exit penalties, as is typical of all West One lending, is a direct result of feedback from clients looking for ways to avoid costly loan extensions.
The eighteen month bridging loan option is the first step in West One Loan’s future strategy of developing longer term products.
Duncan Kreeger, Chairman of West One Loans commented: “We always relish any opportunity to innovate and this longer term option is designed specifically to help a borrower avoid an expensive extension to their existing loan, which more often than not, will incur additional fees, a revaluation process and potentially higher rates.
“For example, a twelve month refurbishment project may overrun unexpectedly and in this case, the client would have been far better off taking out an 18 month loan at the outset, knowing they could always repay it early with no penalty. We continuously listen to feedback from our brokers and borrowers and always make an effort to implement a sound idea as quickly as possible.”