Have you found a property in need of a light refurbishment but haven’t been able to find a lender due to the loan size being too small?
We can help you find a competitive residential bridging loan under £50,000.
We have access to a lender who will lend on properties which are valued under £75,000 providing the loan amount is £40,000 or above. This product is ideal for those low value properties that do not meet many lenders minimum loan sizes or property values. This could be particularly beneficial to lower price properties that can be found towards the North!
Most lenders will charge a premium for smaller loans. However, the best news is that this lender will not discriminate against smaller loans and you will not pay a higher interest rate!
On this product, you will be able to carry out a light refurbishment which can consist of decoration, new kitchen/bathroom and minor remedial works. The works must not be structural or require any changes in planning.
· Rates from 0.50% per month
· No minimum interest period
· Option for retained interest resulting in no monthly payments
· 75% – 85% LTV lending for refurbishment costs (providing the total loan does not exceed 85% of the day one purchase price or 75% of the post works value)
Recent Example – allowing the client to carry out £10,000 of works
Purchase Price £61,500
75% LTV £46,125
Interest Rate 0.75% per month
Gross Loan with arrangement fee added £47,024
Monthly Payments £352.68
We provide a FREE assessment on all our services. Please contact us for more information.
Megan Parkin – Property Finance Adviser
Tel: 01206 544333
Professional landlords only. Any property used as security, which may include your home, may be repossessed if you do not keep up with repayments on your mortgage.