Spring Finance has announced reductions in its bridging loan rates and enhancements to its lending criteria.

These adjustments include an increase in the maximum loan-to-value (LTV) ratio to 75% for residential property purchases.

For first charge bridging loans up to 65% LTV, the maximum Automated Valuation Model (AVM) loan size has been raised to £200,000, with no maximum property value limit.

These updates are part of a broader strategy to refine Spring’s lending products. The firm plans to introduce a new range of non-FCA regulated products and extend its lending services to Scotland, following a record month in lending volume.

To support this growth, Spring has expanded its sales team with the addition of Amy Robinson as business development manager and Natasha Satanas as business development executive.

Jim Baker, Spring’s sales director of bridging, said: “Spring has quickly built a reputation as a specialist lender that works in partnership with brokers to deliver clarity, simplicity and good value. Reducing rates and enhancing criteria is a clear sign of our confidence in the market.

“We have added two super hires in Amy and Natasha and we will continue to build a proposition to support brokers in delivering great outcomes for their customers.”

Andrew Bloom, chief executive and owner of Spring, added: “We have a very exciting roadmap for 2024 and are constantly developing our proposition to achieve our ambition of being one of the UK’s leading non-bank specialist lenders.”