Lendinvest have released a new product to support property developers and portfolio landlords who are looking to refurb a property and cover the costs of the works with one loan.
- Interest rate of 0.85% pm
- Up to 85% of day 1 open market value
- Total facility capped to 75% of the GDV
- Drawdown of up to 100% of the works amount
- Second drawdown available from day 2 onwards
- Loans £150k to £1 million
- Minimum experience required of 1 similar project
- No monitoring required
- Valuation and legal fees paid for when transferring to their standard Buy-to-Let and HMO products.
The following refurbishment works are allowed during the loan term:
Always allowed : Decorating, replacement of kitchens, bathrooms, electric rewiring, plumbing, windows & doors. Works to improve EPC rating.
Allowed at underwriters discretion : Minor structural works & conversions, involving building regs approval or planning permission inc. HMO conversions