Funding 365 has increased the maximum gross loan-to-value (LTV) on its light refurbishment product to 85%.
The updated product can cover up to 100% of the cost of works in arrears, up to a maximum of 80% net loan-to-cost (LTC).
Build costs can be up to 40% of the open market value, with a cap of 75% gross loan-to-gross-development-value (LTGDV).
For projects at 85% gross LTV, the product offers loans between £100,000 and £1m for up to 18 months, with rates starting from 0.93% per month.
Loans are secured against residential properties in England and Wales, with permitted uses including property refurbishments, single-storey extensions and loft conversions.
At up to 75% gross LTV, loans can go up to £5m, with rates from 0.69% per month.
Semi-commercial properties can be considered where the commercial part is under 30% of the value.
Paul Weitzkorn (pictured), director at Funding 365, said: “We have seen strong demand for our highly competitive Light Refurbishment product since we launched it two years ago.
“However, as we all know, uses for bridging finance are constantly evolving and we have experienced a significant increase in enquiries for borrowers looking for higher leverage over the past year.
“We are delighted that our new higher LTV cap means that we will be able to help even more borrowers to realise their refurbishment projects.”
Weitzkorn added: “We encourage everyone to speak to one of our decision-making underwriters for more information, quick indications and credit-backed terms.”
