Masthaven Bridging Finance has launched a renovation and refurbishment bridging loan.
The deal is aimed at clients who are unable to obtain high street funding due to the current state of the property they are looking to secure funds against, or where high street banks are simply unwilling to lend against specific development projects.
This may be that the property has no kitchen or bathroom, or it may be a new build property that needs finishing off. Other uses of the loan can include putting an extension on a property or converting an existing house into flats.
The product headlines are up to 65% of current open market value with a loan size up to £2,000,000. There is never any exit fee on Masthaven products and the interest is calculated daily. A multiple drawdown facility is also available for those projects that require it.
Richard Deacon, sales and marketing director of Masthaven, says: “We have been working on this product for some time and we are very happy with it. We get calls every day from clients who are unable to obtain funding for their projects from standard providers as the high street banks do not want to lend on these types of projects. With our new funding lines and flexible approach to lending we see this as a big growth area for the industry.”