short-term refurbishment finance
Did you know a bridging loan could help you enhance the value of your investment property?
With mainstream lenders implementing tougher restrictions, it has been harder for property investors to get a buy-to-let mortgage, faced with more hoops to jump through in a time-consuming process. This can hinder those requiring fast access to funds.
Bridging finance has been able to fill the void, gifting investors the ability to make the necessary renovations by providing fundsĀ with speed and agility.
Bridging loans for refurbishment purposes are available to property investors, landlords and developers looking to upgrade their residential, commercial or mixed use investment asset, before renting it out or selling on at a higher value.
As an example, MTF was approached by a developer focussed on an investment property worth Ā£330,000 in London that had a good letting potential.
He wanted to buy, refurbish and then rent it out but was unable to get a buy-to-let mortgage as the property was uninhabitable.
MTF provided a Ā£214,500 bridging loan within a week, at 65% loan-to-value, over a 12 month period with no exit fee or early redemption penalty.
Our bridging loan gave him the funds to buy the property and the time needed to carry out the works in order to significantly increase the value of the property. The borrower will then refinance out of the bridging loan with a long term buy-to-let mortgage from a bank, against the higher value.
MTF are here to get your short-term refurbishment finance loan completed in a matter of days. As a non-status lender, we will take a view on CCJs, defaults and arrears and do not require evidence of credit history, accounts, or proof of income.
Don’t miss out on an investment opportunity, call us on 0203 051 2331 or apply online to see how MTF could help turn your aspirations into achievements.