Today we launched our latest product, Refurbishment Finance. Tailored specifically for borrowers who wish to renovate or refit existing properties, the new refurbishment product is loaned on gross development value (GDV) to provide the flexibility required for these projects.
Key product features
- Loan is based on GDV, not LTV, and has more than one drawdown
- Interest is charged at 0.92% – 1.1% per calendar month and payable at the end of the term
- Loans between £100,000 and £2 million
- Terms up to 18 months
- Maximum LTV of 70% applies
More leverage for the developer
Basing our loans on GDV not LTV means less capital needed upfront and therefore more leverage for your client. This loan will appeal to the type of developer for whom an LTV-based bridging loan is not flexible enough, yet doesn’t need a full development loan for their refurbishment project.
Flexible interest repayment
Funds are released at stages throughout the refurbishment works, interest is then rolled up and paid at the end of the term. Arranging for the interest to be paid after completion of the development provides a more flexible repayment.