Shawbrook Bank has reintroduced their unregulated bridging ‘Lending for Refurbishment Costs’ product, allowing them to offer up to 85% LTV on residential buy-to-let properties when lending for refurbishment costs.
The product was temporarily withdrawn last year in response to the impacts of COVID-19, but Shawbrook has returned the offering to further support brokers and their clients.
The change follows a series of recent enhancements, including streamlined LTV bands and reduced pricing.
Gavin Seaholme, head of sales for Shawbrook’s Property Finance division, said: “Lending for Refurb Costs is a key part of our product offering and one that is well received by our broker community, so we’re really excited to bring it back.
“Demand in the bridging market remains strong, so it’s important that we adapt to support brokers and help them take advantage of the opportunities that are out there.
“We’re looking forward to supporting the market throughout 2021, with even more positive changes to follow in the coming months.”