Commercial Acceptances to offer sub 1% bridging loan

Commercial Acceptances is to launch a new bridging product, priced at 0.99% per 30 days.

It will be available on loans up to £3.5 million.

Regardless of loan size, the product has a £200 administration fee. However, there are no arrangement, redemption or early repayment charges.

The client bears the cost of any valuation and legal costs. These are levied at £1 per £1,000 and 0.35% of loan value respectively, plus VAT. Professional fees for larger deals are subject to negotiation.

Commercial Acceptances says the effective APR is 12.4%.

The lender is part of the Close Brothers Group plc.

Commercial Acceptances director Daniel Hertz said: “The time is right to introduce this exciting