Precise Mortgages has launched a new refurb Buy to Let package.
The lender’s latest offering is aimed at landlords of all types and enables a borrower to refurbish a property before renting it out and to take value from the property for further use.
The package consists of a bridge loan and BTL loan, taken out under one application, with the former allowing landlords to borrow up to 75 per cent LTV with rates starting from 0.49 per cent a month and the latter, 80 per cent LTV on the property’s post-work valuation. Rates start from 2.99 per cent.
Being made up of two loans, the new offering also comes with two procuration fees attached.
Precise Mortgages managing director Alan Cleary says: “With landlords looking at different ways of boosting their profits, this product gives them a new way of increasing rental yields and capital values.
“Landlords have traditionally faced difficulty in securing finance to refurbish a property before letting it out. This product enables them to do so, and it is backed up with a host of features which are designed to make applying for it as easy as possible.”
Meanwhile, Crystal Specialist Finance managing director Joe Breeden, who was involved in the product’s pilot scheme, adds: “We completed a refurb BTL case in 17 days from start to finish. We have a very happy client, a positive outcome and a good experience. We have plenty more of these cases to send to Precise Mortgages.”