Black & White Bridging, who specialise in bridging and development finance, has agreed on a significant new funding line.
The new funding line is worth £100 million and means Black & White will be able to expand the type of bridging loan it offers to brokers and their clients, and also reduce rates.
The new facility means that Black & White will now increase its maximum loan size from £2.5 million to £7.5 million, which can be higher on referral and enhanced due diligence.
It will also launch a range of bridging loans with even 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.
Black & White operates through intermediaries and has a growing reputation for excellent service, with complete transparency and no grey areas.
This service excellence has resulted in Black & White doubling its total lending within the last two years.
The new funding line will enable it to fulfill its aim to double in size again in the coming year.
Martyn Smith, managing director at Black & White, said:
“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.
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.”
