Specialist lender Together has launched a new short-term loan to support investors with residential property refurbishment, as it continues to expand its product offering.
Refurbishment has become the most popular reason for taking out a bridging loan, according to one recent industry report, surpassing mortgage delays for the first time, and Together’s new product has been created with this in mind.
The refurbishment bridging loan is specifically designed for light refurbishment, rather than properties that require planning permission or structural work, but can include replacement or refurbishment of kitchens and bathrooms, rewiring, internal reconfiguration and decorative works.
With flexible terms for amounts from £26k to £5 million, the loans are offered at competitive rates, with further advances available to cover 100% of the refurbishment cost.
Together’s commercial CEO Marc Goldberg explains:
“We’re continually reviewing and improving our product range, and this new loan has been devised to help property investors and landlords access the finance they need to grow their portfolios.
“We’ve seen increasing demand for short-term finance from investors who are buying properties in need of renovation, so our intention is to support them not only with the purchase but also with their refurbishment.”