Ultimate Finance has reduced its bridging finance rates for borrowers in an effort to support the property industry.

The specialist asset-based lender is now offering bridging loans starting from 0.84 per cent.

The firm said that the decision was due to a new era of political certainty and stability, lower inflation levels and the recent Bank of England base rate cut.

Read more: Solve the housing crisis by supporting SME housebuilders

“We are committed to supporting the property industry and it is important to us that our offering remains competitive,” said Liam Cavanagh, Ultimate Finance’s head of bridging finance.

“By working in partnership with our brokers, we reported £52m of new business in H1 and our bridging loan book reached £100m, its highest ever level.

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“We are certain that these reduced rates will allow even more property developers to benefit from the funding and support they need to meet their ambitions.”

Ultimate Finance added that it is confident that it’s funding solutions will “continue to prove valuable in the months ahead” as specialist lenders attempt to plug the funding gaps left by mainstream lenders.

Read more: Ultimate Finance records double £100m lending milestone