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YOUR CLIENT CAN NOW BORROW UP TO 100% OF THE REFURBISHMENT COSTS

Short term lending product of the month - July 2018

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.

 

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READ MORE about the client scenarios we’re able to assist you with