Alternative Bridging Corporation has launched a range of refurbishment loans that allow further drawdowns and reduced rates on practical completion (PC) of the works.
The range, which is available for light and heavy refurbishments on residential and commercial property, features initial advance for purchase or refinance, further drawdowns to fund improvements, final advance on PC of the works, and reduced interest rate following PC.
There is also the option on non-regulated loans to extend or convert to a three – 5-year interest only term loan.
Jonathan Rubins, director at Alternative Bridging Corporation, said: “Our new range of refurbishment loans provide investors and owner-occupiers with a comprehensive set of funding options that have been specifically developed to finance the different stages of a refurbishment project across both residential and commercial property.
“As experienced property lenders, we understand that there can often be unexpected additional costs that arise during a renovation and so, as works are completed, we are able to advance additional funds.
“On top of this, we can also reduce the rate on Practical Completion of the works and provide the option for most borrowers to extend the loan or convert to a three to 5-year interest only term loan. The ranges provide full flexibility to meet the individual needs of the customer.”