Lendco has cut prices across its bridging product options, in order to help real estate investors acquire and modernise property.
As part of the changes, loans on Lendco’s standard bridge product from £100,000 to £500,000 have been reduced to 0.75% per month, and loans from £500,000 to £1m have been reduced to 0.79% per month.
The product can include light cosmetic works such as kitchen and bathroom upgrades, provided the works do not exceed 7.5% of the property value.
Alex King, executive director of Lendco, said: “With demand for bridging loans increasing throughout this year, we’re very pleased to offer this product to support our brokers and their clients further.
“As a live example, on a loan of £500,000, the flexibility of our terms means the client can carry out up to £50,000 of decorative works.”
He added: “This offers the possibility of adding substantial value to the property, which, in turn, could have a massive impact on the revaluation and potential entry of the stock into the buy-to-let space.”
