This summer we shared the news that we have a new short term loan (STL) product available to help property investors pay for refurbishment costs. This has proved very useful to some of our landlords so we want to give you more details about it.
Here are the product details:
- 75% of the purchase price or value plus the cost of the refurbishment to a maximum of 85% (or 70% of GDV).
- All funds released to borrowers on Day 1.
- Available on light refurbishment projects across residential and semi-commercial security.
Definition of light refurbishment: This covers all refurbishment which is internal, non-structural and requires no planning permission.
The light refurbishment product can be used on single dwelling properties, multi-unit block and Houses of Multiple Occupancy (HMOs) with up to six bedrooms.
Get in touch today to find out more on 01923 655 441 or firstname.lastname@example.org.