Specialist lender Together has launched a short-term refurbishment bridging loan.
Rates start from 0.65% per month and loans are offered between £26,000 and £5m up to 75% loan-to-value.
Together said it opted to create the new product in response to news showing that refurbishment is now the most popular reason to take out a bridging loan.
Marc Goldberg (pictured), Together’s commercial chief executive, said: “We’re continually reviewing and improving our product range, and this new loan has been devised to help property investors and landlords access the finance they need to grow their portfolios.
“We’ve seen increasing demand for short-term finance from investors who are buying properties in need of renovation, so our intention is to support them not only with the purchase but also with their refurbishment.”
Together’s product is designed for light refurbishment, rather than properties that require planning permission or structural work, but can include replacement or refurbishment of kitchens and bathrooms, rewiring, internal reconfiguration and decorative works.
Further advances can cover 100% of the refurbishment cost.