LendInvest has launched a bridge-to-let product for borrowers seeking to refurbish a property before exiting to a buy-to-let (BTL) mortgage.
LendInvest’s bridge-to-let loans are available for amounts between £75,000 and £750,000 on terms up to 12 months on light refurbishment of residential properties, including HMOs with a maximum of six bedrooms.
A maximum LTV of 75% applies at an interest rate of 0.60% per month.
Matthew Tooth (pictured), chief commercial officer at LendInvest, said: “With the second anniversary of our BTL product launch in sight, we can confidently explore how we can add further value for our borrowers when building their BTL portfolios.
“In launching our bridge-to-let product, we are able to provide flexible finance that landlords need during those important early stages of a BTL investment.
“At LendInvest we build our products in a way that allows us to serve our borrowers at each and every stage of their project. Keeping our customer front of mind allows us to continue delivering the right products to market, at speed.”
This comes after a number of changes to LendInvest’s BTL product, which now offers loans up to £750,000 for its 5-year fixed rates and contributions to legal fees.