reintroducing: heavy refurb bridging
MT Finance is pleased to announce the return of our heavy refurb bridging product.
Over the last few weeks, the UK property market has been busy with investors trying to take advantage of the government’s stamp duty cut. At MT Finance, our short-term lending products are increasingly being used to meet the demands of landlords and property investors who wish to refurbish properties before either selling them on or refinancing them and letting them out.
The biggest selling points of a short-term loan compared to mainstream lending, are speed and flexibility. MT Finance is often able to make lending decisions within hours of initial enquiry and release funds in less than two weeks, preventing property investors and developers from missing out on time-sensitive opportunities that come their way.
Where there are structural changes to the property, and planning permission or building regulations are required, our short-term heavy refurb loan could allow you to renovate your investment property for a quick turnaround. What’s more, we can also provide 100% of the build costs in stages to keep your costs down.
LTVs of up to 65% of the open market value are available and 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 we accept include basement digs, loft conversions, completing a development project and commercial conversions to residential.
Each application will be individually assessed depending on the type of the property, your experience, and the viability of your exit. It is a requirement with all short-term loans that you have a viable exit strategy. The most common exit strategies are to refinance the property through a mainstream lender or the sale of the property.
To find out more about how a short-term loan could help fund your investment property conversion, or if you have a project you wish to discuss, contact one of our short-term loan experts today on 0203 051 2331 or fill in our contact form and someone will be in touch with you shortly.