Short-term lender mtf has launched a heavy refurb bridging range available from 0.80% on LTVs of up to 70% of the open market value.
Designed to cater for the increase in demand from borrowers wishing to add value to their investment by undertaking heavy refurbishment works, first and second charge applications are accepted, both with up to a 24-month loan term.
There are no exit fees or early repayment penalties. Borrowers can apply as individuals or through limited companies and the types of heavy refurbishment accepted include basement digs, loft conversions, completing a development project and commercial conversions to residential.
Gareth Lewis, commercial director at mtf said: “Over the past 10-years mtf has been consistently improving and streamlining its processes to offer borrower-friendly, fuss-free products that are transparent from the outset.
“Having listened to feedback from broker partners, we have created these new products to help property investors and developers access the finance they need, with speed and with minimum fuss.
“Property investors and developers are integral to the UK housing market, so it is vital they get the support they need so they can continue to provide supply to meet the ever-constant demand.
“At mtf, we are dedicated to supporting property investors and developers with the funding they require through our range of 1st and 2nd charge bridging loan products.”
As part of the changes, the lender has simplified its pricing and dropped rates across its entire range. Rates now start from 0.75% on both its first and second charge bridging loans.