New simpler refurb range.
- Rates from 0.67%pm
- Up to 75% LTV
- Fee-free AVMs up to 75% LTV
- Regulated and non-regulated
- No maximum loan amount
- Landlords who want to make a quick purchase
- Chain-break finance
- Cash flow funding for short-term requirements
- Buying property at auction
- Meeting tight transaction deadlines
- Where short-term finance is required and is secured on a property in a habitable condition and does not require any improvement works
- Regulated bridging finance can be used for almost any purpose, except where your customer is looking to raise finance by way of a second charge and the loan is for business use. For this situation our range of non-regulated bridging finance could help
- Rates from 0.67%pm
- 100% of works funded up to 75% LTV
- Regulated and non-regulated
- No maximum loan amount
- Staged drawdowns accepted
For works that don’t require structural changes, planning or alter the footprint of the property:
- New kitchen, bathroom, redecorating
- Rear and side extensions
- HMO conversions
- Multi-unit properties currently at 'wind and watertight' stage that require completion
A customer approached us to fund a light refurbishment on a 3-bedroom property they intended to upgrade for resale. The works included:
- New kitchen and bathroom
- Internal redecoration
- Flooring and minor plastering
- No structural changes
We provided a bridging loan at 75% LTV, with the property valued at £210,000. The loan was released in a single drawdown, and the works were completed within 6 weeks.
As this was a light refurb, there was no planning permission required, and the customer only paid interest for the duration of the loan. The property sold quickly after completion, allowing for a smooth exit.
- Rates from 0.67%pm
- 100% of works funded up to 70% LTV
- Regulated and non-regulated
- No maximum loan amount
- Staged drawdowns accepted
For customers making structural changes to the property often requiring planning consent and building approval. Examples include:
- Extensions
- Loft conversions
- Single unit to multi-unit
- Multi-unit to single unit
- Barn conversions
- Conversion of a commercial unit into a maximum of 10 units
- Landlords looking to change the use of a residential property to an HMO with up to 20 lettable rooms
- Landlords looking to change the use of a residential property to a maximum of 6 flats. An acceptable new home warranty will be required
No fuss bridging finance for a rear extension
A customer approached us seeking £70,000 in bridging finance to carry out a rear extension which was under permitted development rights. The works were non-structural and didn’t require full planning permission, allowing for a faster project timeline.
We offered a competitive solution at 40% LTV with a monthly rate of just 0.65%. Our quick funding enabled the customer to proceed with the improvements efficiently, adding significant value to the property without delays.
- 1-6 units: up to 75% LTV
- 7 or more units: up to 65% LTV (no maximum unit limit)
- Up to 65% LTV where units average £750,000 or above
- Regulated and non-regulated
- Experienced developers with a residential property that has reached practical completion, with the benefit of all consents and a warranty or PCC
- Property developers who need more time to sell properties or organise long-term finance
- House builders who want to refinance their existing development facility to extend the sales period and/or save money
- Developers who want to release capital to move on to another project
- If there are delays in the sale completion or in securing long-term finance
- If a project overruns and funding can’t be extended
- When development project costs have exceeded budget
- To release additional capital from a completed project
- For individual units or a large development of 100s of units – there are no limits on this product
Ready to submit a bridging case? Once you're registered, complete our DIP form and send it to [email protected].
We’ll then send a DIP approval showing the information we need and confirm the monthly rate and your procuration fee. If it’s standard bridging, we’ll also confirm if it qualifies for an online valuation (AVM).
Already Placed a Case?
You can now track your case progress via our Precise App! Download it from the Apple or Google Play store today to see real-time case updates.
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When completing Bridging Finance, both Precise and your customer will need a conveyancer to complete the necessary legal work associated with the transaction.
There are two conveyancing options available for your customers, which are detailed below.
1. Joint Representation - Preferred Bridging Conveyancer Panel
We work with conveyancers who have a thorough understanding of the speed and service requirements for Bridging Finance transactions.
To proceed with joint representation your customer should select one of the firms below. We will instruct this firm to act on behalf of Precise and they will also act for your customer.
| England and Wales | |||
|---|---|---|---|
| Birketts LLP | 0160 323 2300 | www.birketts.co.uk | Kingfisher House, 1 Gilders Way, Norwich, NR3 1UB |
| Blacks Solicitors LLP | 0113 207 0000 | www.lawblacks.com | City Point, 29 King Street, Leeds, LS1 2HL |
| BTMK Solicitors Ltd | 0170 234 6677 | www.btmk.co.uk | 100 Alexandra Road, Southend on Sea, Essex SS1 1HQ |
| Bude Nathan Iwanier LLP | 0208 458 5656 | www.bnilaw.co.uk | 1-2 Temple Fortune Parade, Bridge Lane, London NW11 0QN |
| Gordons Property Lawyers | 0162 830 8380 | www.gplawyers.co.uk | SC House, Vanwall Road, Maidenhead, Berkshire, SL6 4UB |
| Gunnercooke LLP | 0333 014 3401 | www.gunnercooke.com/ | 1 Cornhill, London EC3V 3ND |
| Harold Benjamin | 020 8422 5678 | www.haroldbenjamin.com | Hygeia Building, 66-68 College Road, Harrow, HA1 1BE |
| JMW | 0345 872 6666 | www.jmw.co.uk | 1 Byrom Place, Manchester, M3 3HG |
| Jury O'Shea LLP | 0203 330 0845 | www.juryoshea.com | 6th Floor, 64 North Row, Mayfair, W1K 7DA |
| Lawrence Stephens Limited | 0780 950 2036 0771 440 4074 |
www.lawrencestephens.com | 50 Farringdon Road, London, EC1M 3HE |
| Lightfoots | 0184 421 2305 | www.lightfoots.co.uk | 1-3 High Street, Thame, OX9 2BX |
| MSB Solicitors | 0778 725 2847 | www.msbsolicitiors.co.uk | 1st Floor, 4 St Paul’s Square, Liverpool, L3 9SJ |
| Paris Smith LLP | 0238 048 2482 | www.parissmith.co.uk | 1 London Road, Southampton, SO15 2AE |
| Russell-Cooke LLP | 0207 405 6566 | www.russell-cooke.co.uk | 8 Bedford Row, London, WC1R 4BX |
| TLT LLP | 0333 006 0700 | www.tlt.com | 3 Hardman Square, Manchester, M3 3EB |
| Walker Morris LLP | 0113 283 2500 | www.walkermorris.co.uk | 33 Wellington Street, Leeds, LS1 4DL |
If your customer does not wish to instruct a covenyancer from our panel, they are under no obligation to do so. We can proceed with separate representation, allowing your customer to select their choice of conveyancer.
| Scotland | |||
|---|---|---|---|
| Aberdein Considine | 0333 006 6113 | www.acandco.com | 5-7 Bon Accord Crescent, Aberdeen, AB11 6DN |
| McVey & Murricane Solicitors | 0141 333 9688 | www.mmilegal.com | Albert Chambers, 13 Bath Street, Glasgow, G2 1HY |
Important information
The borrower will be responsible for paying all the conveyancers fees, costs and disbursements including the fees of the conveyancer acting for us in connection with the Bridging Finance.
The borrower should obtain a detailed quotation from both the conveyancer acting for them, and any conveyancer acting for us if we instruct a different firm to act for us.
2. Separate Representation
For Scottish applications or if your customer has chosen a conveyancer that is not on our panel we will each be separately represented.
To select this option – simply complete the relevant sections of the application form and tell us who the conveyancer is that your customer has chosen and instruct them accordingly. Please confirm the member of the Preferred Conveyancer Panel that your customer has chosen to represent Precise.
| England and Wales | |||
|---|---|---|---|
| Birketts LLP | 0160 323 2300 | www.birketts.co.uk | Kingfisher House, 1 Gilders Way, Norwich, NR3 1UB |
| Blacks Solicitors LLP | 0113 207 0000 | www.lawblacks.com | City Point, 29 King Street, Leeds, LS1 2HL |
| BTMK Solicitors Ltd | 0170 234 6677 | www.btmk.co.uk | 100 Alexandra Road, Southend on Sea, Essex SS1 1HQ |
| Bude Nathan Iwanier LLP | 0208 458 5656 | www.bnilaw.co.uk | 1-2 Temple Fortune Parade, Bridge Lane, London NW11 0QN |
| Fieldfisher | 0330 460 7000 | www.fieldfisher.com | 17th Floor, No 1 Spinningfields, 1 Hardman Square, Manchester, M3 3EB |
| Gordons Property Lawyers | 0162 830 8380 | www.gplawyers.co.uk | SC House, Vanwall Road, Maidenhead, Berkshire, SL6 4UB |
| Gunnercooke LLP | 0333 014 3401 | www.gunnercooke.com/ | 1 Cornhill, London EC3V 3ND |
| Harold Benjamin | 020 8422 5678 | www.haroldbenjamin.com | Hygeia Building, 66-68 College Road, Harrow, HA1 1BE |
| JMW | 0345 872 6666 | www.jmw.co.uk | 1 Byrom Place, Manchester, M3 3HG |
| Jury O'Shea LLP | 0203 330 0845 | www.juryoshea.com | 6th Floor, 64 North Row, Mayfair, W1K 7DA |
| Lawrence Stephens Limited | 0780 950 2036 0771 440 4074 |
www.lawrencestephens.com | 50 Farringdon Road, London, EC1M 3HE |
| Lightfoots | 0184 421 2305 | www.lightfoots.co.uk | 1-3 High Street, Thame, OX9 2BX |
| MSB Solicitors | 0778 725 2847 | www.msbsolicitiors.co.uk | 1st Floor, 4 St Paul’s Square, Liverpool, L3 9SJ |
| Russell-Cooke LLP | 0207 405 6566 | www.russell-cooke.co.uk | 8 Bedford Row, London, WC1R 4BX |
| TLT LLP | 0333 006 0700 | www.tlt.com | 3 Hardman Square, Manchester, M3 3EB |
| Walker Morris LLP | 0113 283 2500 | www.walkermorris.co.uk | 33 Wellington Street, Leeds, LS1 4DL |
| Scotland | |||
|---|---|---|---|
| Aberdein Considine | 0333 006 6113 | www.acandco.com | 7 - 9 Bon Accord Crescent, Aberdeen, AB11 6DN |
| McVey & Murricane Solicitors | 0141 333 9688 | www.mmilegal.com | Albert Chambers, 13 Bath Street, Glasgow, G2 1HY |
Important information
The borrower will be responsible for paying all the conveyancers fees, costs and disbursements including the fees of the conveyancer acting for us in connection with the Bridging Finance.
The borrower should obtain a detailed quotation from both the conveyancer acting for them, and any conveyancer acting for us if we instruct a different firm to act for us.
How to access the VAS portal
If you already have login details, simply use them to access the portal. Haven't registered yet? Just send an email to [email protected] to get started.
VAS portal key information and faqs
You’ll have access to the latest updates to ensure that you’ve got the information you need to share back with your customers. You’ll also receive email updates including:
- Confirmation that VAS have received the valuation quotation opportunity
- Fee quotes as soon as VAS have received them from the valuer
- A copy of the reminder sent to the customer if the valuation hasn't been paid within 24 hours of receiving the quote
- Confirmation email once VAS have instructed the valuation firm after payment is received from the customer
- Confirmation of inspection date once the valuer has booked this in
- Link to the valuation report once completed
VAS Portal dashboard
The VAS Portal dashboard is intuitive, but you'll need to provide accurate data at the point of quotation and instruction, as incorrect information may lead to delays and/or additional costs.
Following the DIP, you'll need to request a quote from VAS. To ensure you're correctly instructing, the front page will ask for the type of report.
In all cases, please request a “full valuation” and either single or multiple properties. We will not accept any other form of report. The property sector and property type will always reflect the end use for the subject property if it's a conversion.
Once you've entered the address, you'll need to complete the form. Please ensure you have all the required information at this point, including the estimated current value, together with a costed schedule of works, which can be attached.
Once completed, VAS may ask whether you require a short form or long form report. We will only accept long form, so please ensure the correct option is selected.
FAQs
VAS endeavour to provide at least 2-3 valuation quotations within 6 hours. As a guide, long form valuation reports are provided 5 working days from date of inspection, varying depending upon complexity of the valuation. Valuation timings will be provided on all quotations for full transparency. Following instruction from VAS, the valuer has 24 hours to book/make contact for their property inspection.
VAS add their set fee margins onto the valuers’ fee quotations. The fee quotations sent to you/displayed on your dashboard will include the VAS fee and VAS are responsible for paying the valuer on completion of the valuation.
We would ask you to refer to your Specialist Finance Account Manager or underwriter if you're unsure. VAS will reject requests outside of agreed criteria in the first instance.
Yes. VAS have a dedicated payment link and will contact the customer directly for payment via email in advance. They will send up to two polite reminders if payment is not received, you will be copied into these emails. The valuer will be instructed as soon as payment is received.
No. All valuations, meeting the agreed criteria, must be instructed via VAS Panel, as directed on the DIP. Conflict of interest checks will be carried out and could impact the valuer options to ensure independence of the advice to us.
VAS use a panel of approved firms and will only request quotes from those experienced in valuing properties by type, location and value.
Additional valuer firms will not be added to the panel list on a case-by-case basis. We can consider retype of a valuation report prepared for another lender by any firm on the VAS approved list. These requests should be referred directly to your Specialist Finance Account Manager or underwriter.
Many brokers are already familiar with VAS’s processes via other lenders. Working with VAS allows us to leverage their broader valuation panel. Directing you to VAS means that you'll now be in control of the instruction process and valuation fee payments.
We'll issue the DIP with a lender reference number. This should be added to your quotation and instruction requests so that our processing team can identify cases. A dedicated section has been created for you to add this lender reference. VAS will not proceed without this information. The reference numbers (VP#1234) on the VAS dashboard can be used to discuss a case on the dashboard with VAS, but please use the lender reference to discuss cases with our underwriting team.
Yes. The quotes and the valuation report will be shared via email as well as being updated on your dashboard, so you’ll also be able to download the valuation report from the VAS dashboard.
For those cases that require QS monitoring, you'll need to instruct twice. Your underwriter will confirm if this is required at the DIP stage to support drawdown schedule. You'll need to instruct twice; once for the valuation itself and once for the QS monitoring, as these may be allocated to separate surveyor firms. We advise that you do both simultaneously to avoid any delay. When presenting the case, the underwriter will confirm the number of QS reports required. As a rule, there will always be an initial report and a final report. There may be interim reports required in line with drawdown schedule. This will be confirmed by your underwriter.
The dashboard is intuitive. You’ll be able to add notes and raise a PVQ from the overview screen directly to the valuer or QS monitoring surveyor.
Fees and charges
| Property value | Standard single dwellings |
HMO and multi-unit |
|---|---|---|
| Up to £100,000 | £265 | £500 |
| Up to £150,000 | £300 | £500 |
| Up to £200,000 | £335 | £515 |
| Up to £300,000 | £360 | £585 |
| Up to £400,000 | £385 | £645 |
| Up to £500,000 | £430 | £705 |
| Up to £600,000 | £480 | £770 |
| Up to £700,000 | £530 | £830 |
| Up to £800,000 | £585 | £940 |
| Up to £900,000 | £640 | £1,015 |
| Up to £1,000,000 | £735 | £1,085 |
We’ll instruct valuation in all instances. For applications on multiple single dwelling units, a standard valuation will be instructed for each unit.
All tier 2 finance valuations will be conducted on a bespoke basis. Contact us for further details.
Other fees
No exit fee
No early repayment charges
(a minimum of 1 months’ interest must be paid)
Telegraphic transfer fee: £25
Assessment fee: £145
Redemption administration fee: £40
All fees include VAT (where applicable).