Shawbrook has released a new “Lending for Refurbishment Costs” option. In addition to borrowing 75% LTV against the lower of Day 1 purchase price or value, applicants may now borrow up to 100% of the refurbishment costs on a single, larger facility.
This product is currently only available through a limited panel of distributors, including Brightstar and features the following criteria:
- Loan may not exceed either 85% LTV against the lower of Day1 purchase price/ value, OR 70% of GDV or after works value (whichever is lower)
- All funds are advanced to the borrower on Day1
- No Quantity Surveyor required, just an interim inspection at the end of month 3
- Available on light refurbishment projects across residential and semi-commercial security on the existing Shawbrook STL1 and STL2 products
Priced on a loading basis with 0.10% added to the standard 75% LTV margin, a rate of 0.80%pm is available on single lets, multi-units and HMOs, with 0.91%pm available across semi-commercial security.
READ MORE about the client scenarios we’re able to assist you with