It also introduces dual representation for bridging cases
Hampshire Trust Bank (HTB) has launched a new heavy refurbishment finance product in response to increased demand from brokers and their clients for flexible refurbishment funding.
The product, designed for large-scale, complex property refurbishments, offers a monthly interest rate of 0.90% with loan terms available for up to 24 months. Borrowers can access day-one funding of up to 70% of the property’s current value, with a maximum loan-to-gross development value ratio capped at 70%, including rolled interest. Loans start from £150,000, with the cost of works not exceeding £1 million or 70% of the property’s value.
Funding will be released in arrears, across up to five pre-agreed tranches, with all costs independently verified by asset managers. The new product is designed to provide flexibility within a structured framework, offering brokers access to capital for clients undertaking significant refurbishment projects.
This latest offering is part of HTB’s broader strategy to strengthen its bridging finance proposition, following discussions with broker partners on market needs. The bank has also introduced dual representation for bridging cases, aiming to streamline processes for both brokers and borrowers.
“Landlords are increasingly looking to extend properties to increase yields or to carry out conversions under permitted development rights,” said Lorenzo Satchell (pictured left), sales director of bridging at Hampshire Trust Bank. “However, they need flexible funding solutions to make these projects viable.”
Alex Upton (pictured right), managing director of specialist mortgages at Hampshire Trust Bank, added that the heavy refurbishment product underscores HTB’s commitment to supporting brokers with adaptable funding options.
“Our goal is to ensure brokers always have the funding options they need, exactly when they need them,” Upton said. “This commitment extends to providing direct access to decision-makers and supporting brokers throughout their journey with HTB.”
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