TBMC has teamed up with Precise Mortgages to pilot a new buy to let refurbishment product.
The product consists of bridging finance of up to 75 per cent LTV at rates from 0.49 per cent a month with a minimum loan of £50,000, then a guaranteed exit onto a BTL mortgage of up to 80 per cent LTV on rates starting from 2.89 per cent.
The specialist buy to let broker hopes that the niche aspect of its new offering will “really plug a gap”.
TBMC managing director Jane Simpson says: “[This] offers an excellent opportunity for buy to let investors, especially those who are looking to carry out works to meet minimum EPC ratings; purchase at auction and carry out light refurbishments before letting; make improvements to maximise rental yields; or purchase properties under valuation.”
“We are expecting this to generate a lot of interest over the coming months and it should provide additional revenues for intermediaries in the buy-to-let market.”