Shawbrook bridging finance has announced that it is moving into the heavy refurbishment space with the launch of a brand new short term finance product specifically aimed at funding property developers undertaking a major refurbishment who require short term finance to acquire the property.
The heavy refurbishment bridging loan has been designed to cater for clients wishing to purchase a property then add value to their investment by undertaking heavy refurbishment works. These works might include loft conversions, internal reconfigurations or changes of use.
The bridging loan is priced at just 0.89% per month, and is available up to 70% LTV with terms up to 18 months.
Should the client then wish to hold onto the property for rental purposes rather than selling-on, they allow the borrower to easily switch on to a buy-to-let term loan with Shawbrook.
Vision Finance believe that this is a very competitive product, and a number of clients have already made enquiries. Bridging rates typically increase significantly once the borrower decides to carry out refurbishment works to the property which has been used as security for the bridge. Shawbrook’s product is attractively priced for developers performing a complex refurbishment, and borrowers who also want the flexibility of a short term bridging loan.
Vision Finance continues to work closely with the professional Shawbrook team. If you are seeking bridging finance to fund the purchase of a property which requires a heavy refurbishment, a Shawbrook bridging loan may be the ideal solution. Like the majority of leading bridging finance lenders, Shawbrook require all borrowers to speak with a selected strategic partner – of which Vision Finance is. Please do not hesitate to contact us on firstname.lastname@example.org or call us on 0207 206 2500.