"When building control is signed off, the new feature will provide flexibility and options to the borrower."
Oblix Capital has enhanced its refurbishment bridge product by allowing the market value to be updated at the point of building control sign-off.
If the refurbishment works have increased the market value at that point as expected, the 75% maximum LTV will (subject to underwriting) be re-applied to the revised valuation, enabling further borrowing up to the revised maximum limit. The loan term can also be extended for a further 12 months at this stage.
Andy Reid, director of sales, said: “I’m delighted with this enhancement to our refurbishment bridge product – when building control is signed off, the new feature will provide flexibility and options to the borrower.
"It’s a great example of how Oblix Capital is using its experience and understanding of the market to offer creative real estate lending solutions.”